Are Higher Mortgage Rates Here To Stay?

Are Higher Mortgage Rates Here To Stay?




Mortgage rates have been back on the rise recently and that’s getting a lot of attention from the press. If you’ve been following the headlines, you may have even seen rates recently reached their highest level in over two decades (see graph below):  

That can feel like a little bit of a gut punch if you’re thinking about making a move. If you’re wondering whether or not you should delay your plans, here’s what you really need to know.   

How Higher Mortgage Rates Impact You  

There’s no denying mortgage rates are higher right now than they were in recent years. And, when rates are up, that affects overall home affordability. It works like this. The higher the rate, the more expensive it is to borrow money when you buy a home. That’s because, as rates trend up, your monthly mortgage payment for your future home loan also increases.  

Urban Institute explains how this is impacting buyers and sellers right now: 

When mortgage rates go up, monthly housing payments on new purchases also increase. For potential buyers, increased monthly payments can reduce the share of available affordable homes . . . Additionally, higher interest rates mean fewer homes on the market, as existing homeowners have an incentive to hold on to their home to keep their low interest rate.” 

 Basically, some people are deciding to put their plans on hold because of where mortgage rates are right now. But what you want to know is: is that a good strategy

Where Will Mortgage Rates Go from Here? 

 If you’re eager for mortgage rates to drop, you’re not alone. A lot of people are waiting for that to happen. But here’s the thing. No one knows when it will. Even the experts can’t say with certainty what’s going to happen next.  

Forecasts project rates will fall in the months ahead, but what the latest data says is that rates have been climbing lately. This disconnect shows just how tricky mortgage rates are to project.  

The best advice for your move is this: don’t try to control what you can’t control. This includes trying to time the market or guess what the future holds for mortgage rates. As CBS News states

“If you're in the market for a new home, experts typically recommend focusing your search on the right home purchase — not the interest rate environment.” 

Instead, work on building a team of skilled professionals, including a trusted lender and real estate agent, who can explain what’s happening in the market and what it means for you. If you need to move because you’re changing jobs, want to be closer to family, or are in the middle of another big life change, the right team can help you achieve your goal, even now. 

Bottom Line

The best advice for your move is: don’t try to control what you can’t control – especially mortgage rates. Even the experts can’t say for certain where they’ll go from here. Instead, focus on building a team of trusted professionals who can keep you informed. When you’re ready to get the process started, let’s connect.

15 Properties
Page 1 of 2
$1,800 / month
Neighborhood: Trumbull Boulevard
3
Beds
2
Baths
3,918
Sq.Ft.
1926
Year Built
2
Days on Site
20240023824
MLS
$350,000
Neighborhood: John R Hitchmans Gardens
3
Beds
2F11/2
Baths
1,771
Sq.Ft.
2021
Year Built
9
Days on Site
20240022109
MLS
$217,999
Neighborhood: Meadowood
3
Beds
1F11/2
Baths
1,008
Sq.Ft.
1950
Year Built
9
Days on Site
20240022242
MLS
4
Beds
1F11/2
Baths
1,688
Sq.Ft.
1860
Year Built
15
Days on Site
20240004676
MLS
$95,000
Neighborhood: Marwood Heights (Plats)
3
Beds
1
Baths
1,080
Sq.Ft.
1951
Year Built
15
Days on Site
20240020609
MLS
$115,000
Neighborhood: Schoolcraft Sub No 2(Plats)
3
Beds
1
Baths
1,486
Sq.Ft.
1928
Year Built
19
Days on Site
20240019905
MLS
4
Beds
3F11/2
Baths
2,450
Sq.Ft.
1998
Year Built
28
Days on Site
20240017345
MLS
1
Beds
1F11/2
Baths
7,600
Sq.Ft.
1979
Year Built
49
Days on Site
20240012313
MLS
7,600
Sq.Ft.
53
Days on Site
20240011369
MLS
39.48
Acres
56
Days on Site
20230058691
MLS
$20,000
Neighborhood: Elm Park Sub
0.12
Acres
56
Days on Site
20230104595
MLS
$750
Neighborhood: Arthur J Robertsons Add
3,234
Sq.Ft.
56
Days on Site
20230101604
MLS
2374 Monte Vista, Orion Township
?? Come check out this stunning totally upgraded condo with wooded views in spectacular Lake Orion, right off Lapeer Road making the location convenient and close to shopping and much more! ??This is a split-level with a master, second bedroom and optional third bedroom or office on the main level. Stunning white kitchen cabinets, hardwood floors through-out the foyer, kitchen and living area, and crown molding through-out. ??Two full-baths on main level as well as a third on the second floor. Second floor
Do's and Don'ts of Mold
Moving to Michigan? The number one thing to look for in Michigan is mold in your attic. We sit down with Scott Brohl who is a certified mold specialist. We talk about how mold grows and what we can do to prevent it. It is NOT a deal breaker when considering a home sand we explain why! Why Should You Choose Brohl's? Brohl's Insulation is a premier insulation contractor for your home solution. It's in our roots! We are a local and family owned company that prides itself on offering the highest standards of
Loft in Corktown, Detroit MI
Check out this 2-story loft in Corktown - Detroit Michigan! This fantastic space boasts 2 bedrooms, 2 baths and a 1 car garage. Corktown is a historic district located just west of Downtown Detroit. It is the oldest extant neighborhood in the city.The current boundaries of the district include I-75 to the north, the Lodge Freeway to the east, Bagley and Porter streets to the south, and Rosa Parks Boulevard (12th Street) to the west.The neighborhood was listed on the National Register of Historic Places in
4 Reasons to Move to Rochester
4 Reasons why you should move to Rochester, MI. A perfect mix of historic and hip, downtown Rochester attracts both local residents and visitors from across the state of Michigan. Downtown Rochester is home to more than 350 shops, salons, restaurants and professional service businesses; 85% of which are independent merchants. Downtown Rochester’s natural beauty is attributed to the waterways that surround the city and the abundant green space that three parks and two winding trails offer. Whether you’re h
Check out what Birmingham Michigan has to offer!
Why Birmingham, MI should be on your list of places to live. The City of Birmingham, Michigan is located approximately halfway between the City of Detroit and the City of Pontiac, in Oakland County. Easily accessible to all major freeways and the airport, Birmingham is also bordered by Bloomfield Hills, Bloomfield Township, Beverly Hills, Royal Oak and Troy. Birmingham is vibrant and prosperous, with a population of approximately 20,000. Covering only 4.73 square miles, our community is able to maintain t
Why Move to Lake Orion Michigan
Why you should choose Lake Orion, Michigan See what the downtown area has to offer, the lakes and more! Lake Orion, MI is a small, welcoming town located in the Metro Detroit area. The town has a rich history and its residents are proud of their hometown culture. There are many great amenities to enjoy in Lake Orion such as local shops, restaurants, parks, and community events. The town offers plenty of recreational activities for all ages such as kayaking on the lake or golfing at one of the nearby course
Visit St. Clair Shores
St. Clair Shores, Michigan is a picturesque city located in Macomb County on the shore of Lake St. Clair. After a fun day at sea with family and friends grab a bite to eat at one of our many restaurants such as Rose's Family Dining, Waves Chill & Grill or Fishbones. Grab a cocktail at any of the area waterfront bars. This city is full of summer activities and plenty to do in the winter as well. With a senior center, a dog park, and a bocce ball court, St. Clair Shores has amenities for all ages. But when

Post a Comment