Mortgage Interest Rates Went Up Again… Should I Wait to Buy?

should i wait to buyDon’t they always say this is not your parents world?  Well that is true for interest rates as well, although for once, the interest rates today are better than they were in your parents day!  Even if interest rates go up a  little in the next few months don’t worry you are still much better off than your parents were in the ’70s.  Maybe you can afford a bit less house than you could before but you can probably still afford a home.  Check out the graph below of historical interest rates, then stop complaining and give me a call so we can start looking for a home for you!

 

Courtesy of Keeping Current Matters March 2017

Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.

This has caused some purchasers to lament the fact they may no longer be able to get a rate below 4%. However, we must realize that current rates are still at historic lows.

Here is a chart showing the average mortgage interest rate over the last several decades.

Mortgage Interest Rates Went Up Again… Should I Wait to Buy? | MyKCM

Bottom Line

Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.

Remember it is always toasty in Naples and you deserve your piece of Naples sunshine and a home of your own; no matter what the interest rate is!

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