3. Mortgage Rates Have Increased This Year While it’s true the 30-year fixed mortgage rate from Freddie Mac has climbed over two percentage points this year, current rates are still below what they’ve been in past decades. Mark Fleming, Chief Economist at First American, explains: “Rising mortgage rates impact affordability, but historical context is important. An average 30-year, fixed mortgage rate of 5.5 percent is still well below the historical average of nearly 8 percent.” That means you still have an opportunity to lock in a rate that’s comparatively lower than decades past. Work with a trusted advisor to kickstart the process so you can make your next purchase today. 4. Home Prices Are Appreciating Home prices have been skyrocketing in recent years, thanks to the imbalance of supply and demand. And as long as that imbalance continues, so will the rise in home values. What does that mean for you? If you’re selling so you can move into the home of your dreams or downsize into something that better suits your current needs, you have an opportunity to get ahead of the curve by leveraging your growing equity and purchasing your next home before prices appreciate further. And, once you make your purchase, you can find peace of mind in knowing any further home price appreciation is growing the value of your new investment.
Bottom Line Just like anything else in life, timing is a big part of any decision. If you’re thinking about selling your house, let’s connect so you have the expert insights you need to make the best possible move today.
4
Made with FlippingBook Learn more on our blog