Todayâ€™s housing market is truly one for the record books. Over the past year, weâ€™ve 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 isnâ€™t over just yet. If youâ€™re one of the buyers who worry theyâ€™ve missed out, rest assured todayâ€™s mortgage rates are still worth taking advantage of.
Even today, our mortgage rates are below what theyâ€™ve been in recent decades. So, while you may not be able to lock in the rate your friend got recently, youâ€™re 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. Hereâ€™s where experts say rates are headed:While a projected half percentage point increase may not seem substantial, it does have an impact when youâ€™re buying a home. When rates rise even slightly, it affects how much youâ€™ll pay month-to-month on your home loan. The chart below shows how it works:In this example, if rates rise to 3.55%, youâ€™ll 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, todayâ€™s mortgage rates are worth taking advantage of before they climb further. The rates weâ€™re seeing right now give you a unique opportunity to afford more home for your money while keeping your monthly payment down.
Waiting for a lower mortgage rate could cost you. Experts project rates will continue to rise in the months ahead. Letâ€™s connect so you can seize this opportunity before they increase further.