If you are triggered when you hear the word “Rate”, there are some important and useful points you should be armed with as you navigate the homebuying market today.
First, let’s take care of the obvious elephant in the room, “Rates are trending higher” is the statement you are hearing from every media source and anyone you ask, and they wouldn’t be entirely incorrect in saying so. However, let us look at what we do know, and not focus on the unknowns (that is why it is called the “unknown” because nobody knows).
Rates today are still historically low compared to the last 30 years, and just like that, we have repeated the same narrative as everyone else that is trying to put a positive spin on the current market conditions. The point we are here to make is that the fluctuations in rates are influenced by a myriad of factors, many of which occur every year and within every state of the economic cycle.
Homebuying should always have several deciding factors such as, how long you plan on living in your home, what your ideal monthly payment should be, and ultimately what loan type and loan terms fit your needs.
Do you have questions about interest rates? Connect with a Kind Ambassador today! Our mortgage professionals can guide you and can create a custom homeownership strategy that works for you.
