Are you waiting for the rates we saw in 2021 which went under 3%? Well, you may never buy. Almost every economist has predicted that the 3% and under mortgage rate will probably never return. This is because the tremendous low rates were triggered by a unique, unforeseen set of circumstances that began with a global pandemic in 2020. Thankfully, pandemics are rare.
While some forecasters predict that rates will decline over the next year, almost all don’t see rates dropping below 5% any time soon. One MLS chief economist described the feelings of many would-be home buyers: “People are still working through their five stages of grief on this mortgage rate stuff. And I think you have to reach the stage of acceptance; rates aren’t going to come down to where we were back during 2020 and 2021.”
I believe it’s a great time to buy a home and enjoy the true benefits of home ownership. Always remember you can re-finance. Rates will go down, probably not to 3% but they will go down.
If you are ready or just want to talk more contact me today!
Lisa Joy