It’s a great time to buy! Yes, even with interest rates coming in at 7.39 on a 30 year fixed today. We may see home loan rates remain elevated intermediately, but is it a perfect time to revisit buying a home or investment property? Short answer: It could be. Rent prices are up approximately 4% from last year. I’m seeing signs that the housing market is settling down in our marketplace—price reductions daily, more days on the market, more inventory. Lenders may have options to fit your needs that you haven’t considered. Mortgages are not one size fits all. Some lenders are able to offer in-house lending options with lower rates. Refinancing can be an option when rates come back down or when you see a jump in your home’s appraised value & I can help you monitor that value. Adjustable-rate mortgages (yes–ARMs, but keep reading; they have changed) are a viable option as well. ARMs have much more stringent regulations than they used to. There are caps that limit how much your rate can increase over time to help ensure you can still afford the loan even if rates in general are rising. In mid-2022, adjustable-rate mortgages made up nearly 10% of all new home loan applications, according to the Mortgage Bankers Association (MBA).
Contact me if you have questions or would like to learn more!