Where Mortgage Interest Rates Headed?
Where are home mortgage rates headed? While no one knows for sure, what we can say is that they've been favorable and near historic lows for a while now. You can check out average California mortgage rates here, in general interest rates on 30-year loans are hovering in the low 3's right now. One question home buyers have been asking lately is, "where are mortgage rates headed?" Here's one opinion from the Home Buying Institute:
The takeaway from their 2022 forecast is that home mortgage interest rates will be up, there will be fewer refi's, and more home purchases. What this means for home buyers is that if this forecast is anywhere close, waiting to buy or waiting to see where interest rates are headed could be a costly mistake.
Home buyers often focus solely on the price of the home but the cost of ownership, factoring in the cost of money, is far more impactful in the long run. In a rising-interest-rate environment, buyers' purchasing power erodes, even if home prices stabilize. The old saying about real estate still holds true today, "Don't wait to buy, buy and wait."
If you or anyone you know is considering buying a Sacramento-area home at any time in the near future, this information might be critically important to consider. Check out some Roseville homes for sale below and be sure to contact us - we'll get you moving!