Todays housing market is truly one for the record books. Over the past year, weve seen the lowest mortgage rates in history. And while those rates seemed to bottom out in January of this year, the golden window of opportunity for buyers isnt over just yet. If youre one of the buyers who worry theyve missed out, rest assured todays mortgage rates are still worth taking advantage of.
Even today, our mortgage rates are below what theyve been in recent decades. So, while you may not be able to lock in the rate your friend got recently, youre still in a great position to secure a rate well below what your parents and even grandparents got in years past. The key will be acting sooner rather than later.
In late September, mortgage rates ticked above 3% for the first time in months. And according to experts throughout the industry, mortgage rates are projected to continue rising in the months ahead. Heres where experts say rates are headed:
While a projected half percentage point increase may not seem substantial, it does have an impact when youre buying a home. When rates rise even slightly, it affects how much youll pay month-to-month on your home loan. The chart below shows how it works:
In this example, if rates rise to 3.55%, youll pay an extra $100 each month on your monthly mortgage payment if you purchase a home around this time next year. That extra money can really add up over the life of a 15 or 30-year loan.
Clearly, todays mortgage rates are worth taking advantage of before they climb further. The rates were seeing right now give you a unique opportunity to afford more home for your money while keeping your monthly payment down.
Bottom Line
Waiting for a lower mortgage rate could cost you. Experts project rates will continue to rise in the months ahead. Lets connect so you can seize this opportunity before they increase further.
