Some say that mortgage rates will continue to go up, and others are hopeful that rates will go down. Unfortunately, we don’t have an answer on what will happen. This is making some home buyers uneasy about buying a home, specifically first time home buyers. They’ve heard about rates around 3%, so when you double that, it sounds like A LOT!
Some food for thought though… if home prices continue to go up, and interest rates continue to go up, you’re not in any better of a place to purchase. If home prices continue to go up, but interest rates come down, fantastic, then you can refinance to that lower rate, but you still bought the house for a cheaper price.
It may sound like I’m saying that the best time to buy a house is now, and you’re right. That is what I’m saying. If you’re waiting, you will very likely be losing more money while you wait than anything.