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Mortgage rates rising. Should you wait for lower rates?
Published on: Mar 28, 2022
Minneapolis / St Paul, MN: Mortgage interest rates have always been a roller-coaster ride. Ups and downs, and twists and turns.
With the pandemic induced interest rate lows of 2020 and 2021 now a thing of the past, the return to a more normal interest rate patterns has many people freaked out.
This historical mortgage interest rate chart from March 1971 to March 2022 is very interesting to look at.
Oh course any rise in mortgage interest rates has an impact on a home buyers purchasing power, especially first time home buyers, so people are asking if they should wait to buy a home until rate come back down.
First, look at the graph again. Now remember that if mortgage rates come back down, you can always refinance. But if you wait, and rates keep going up, then you are stuck with both higher rates AND a higher home price.
Think about it.
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Equal Housing Lender. The Joe Metzler Team at Cambria Mortgage lends in Minnesota, Wisconsin, Iowa, North Dakota, South Dakota, Colorado, and Florida only. This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. Information here can become out of date, and may no longer be accurate. Products and interest rates are subject to change at any time due to changing market conditions. Not all programs available in all states. Actual rates available to you may vary based upon a number of factors. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. Joe Metzler, NMLS 274132, Cambria Mortgage NMLS 322798. © 1998 - 2024.
