Something Important for Buyers Still Sitting on the Fence.
I get it. You’ve been waiting for the economy to improve, to save a bit more of a downpayment and for prices to start going up again. If you’ve been reading this blog you will know that in my opinion one of those might be important and one, not so much. Here is something to help you make up your mind.
But here is something that will affect your bottom line if you are buying. For the first time in quite a few years interest rates are starting to rise again. This is important and I don’t think many people really understand why which is why I recently wrote about the importance of mortgage interest rates.We just recently saw 2.89% for five year money. Today, we have just seen that five year money get to 3.14%. Again, read that post I link to above if this doesn’t seem significant to you.
If you have recently spoken to a Mortgage Broker (and if you are thinking of buying, you know this is the first step, right?) ask them if they can still use the rate they quoted you if you spoke to them in the last couple of months. You might still be able to use those lower rates if you are quick.