For potential homebuyers, rising rates might put some pressure on finding a home sooner rather than later, as rates are unlikely to get better than they are now. A sense of urgency would be justified because the lower the rate a homebuyer can lock into, the easier it’ll be to make a monthly payment.
For further context of the rate itself, even a dramatic rate increase wouldn’t put it near all-time highs. It’s hard to imagine now, but in the early 1980s, the fixed 30-year mortgage rate was about 18 percent. By the 1990s, it fell to about 10 percent and has steadily fallen ever since.
Though rates are inching up, first time home buyers are increasingly confident about the housing market. A confident job market, an overall improving economy, and more liberal borrowing standards are all combining to make home buyers more confident.
Speaking of borrowing, that’s the best thing buyers have going for them this year. Home loans are easier to get. Lenders are accepting lower down payments, lower FICO scores, and lower mortgage insurance premiums.
And the best news is, the spring market has officially started, and with it comes the hottest and fastest real estate market of the year. Talk to our experts today about how you can thrive in the spring market and get your dream home before the rates get any higher.
If you’re on the fence about buying, now could be the time to make your move. Call Shari Bullock at (757) 346-5255 to set an appointment so you can feel good knowing the wheels are in motion. She can answer any of your real estate questions, get you lined up with a good lender or two, and get you started on your path to owning a home.