Here is the Truth….I have no Idea!! And neither does anyone else. Here is what I am 100% sure of though. Interest Rates go Up much faster than they go Down! Are you taking advantage of the low rates?
Where are 30 Year Rates Now?
Rates can be in the low to mid 3% range depending on things like your credit score, your income, etc. Just 5 years ago they where around 5%. That’s a huge difference over the life of a 30 year mortgage! You could save a few hundred dollars a month depending on your loan amount. Click the link to watch a video I did explaining this more: YouTube Video: Is Now a Good Time To Refinance or Purchase a Home?
Is Now a Good Time To Buy a House?
Absolutely, Yes!! If your interest rate is at 3 1/8th percent you could potentially be able to purchase a home worth $25,000 to $40,000 more than if your interest rate was at 3 1/2 percent. Basically the lower the interest rate the more home you can afford, the higher the rate the less you can afford.
Should I Refinance?
If you purchased your home 5 or more years ago chances are good your rate is around 5%. You should talk to a mortgage broker and find out what the fees would be to refinance and how much you can save per month. Its always a good idea to find out what your options are.
Is Now a Good Time To Sell My House?
100% Yes! With extremely low inventory and updated houses that are move in ready and priced right getting multiple offers in the first few days, this is the perfect time to sell! Sellers are seeing higher sales prices on their homes and the lower rates are helping buyers get into these homes.