Buying a home may feel daunting with rising mortgage rates, but experts suggest it’s a great time to enter the market. Rates for 30-year fixed mortgages stood at 6.67% recently, slightly lower than the previous year. Barbara Ann Corcoran, a notable real estate expert, argues that waiting for more favorable rates may result in missing out, as house prices continue to appreciate. Most homeowners with lower existing mortgage rates are choosing to stay put, creating a competitive environment for buyers. Seizing the opportunity now could lead to a successful purchase.
When mortgage rates are high, potential buyers get hesitant... their loss can be your gain.
You already know that mortgage rates are still high, and house prices are going up still by 3 or 4% a year.
The real problem in the marketplace is that two thirds of homeowners are sitting on interest rates under 4%, and they're not going to move.
Low inventory coupled with less competition means... jump on a property you love is now.
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