Lower interest rates are not on the horizon so you should buy now.
Should you wait to buy in this market? Mortgage rates have risen to a little more than 5% on average, and they did so considerably faster than people thought that they would. Some buyers have decided to wait for rates to come down as a result. However, the Federal Reserve’s monetary policies tell us that lower rates are not going to be coming back any time soon.
The Fed has scaled back what they’ve been doing to keep mortgage rates artificially low. They were buying mortgage-backed securities and now they’re looking at cleaning up all their books to expedite the process of cooling down the housing market. They’re trying to balance the market out by letting interest rates rise quickly. That’s why now is the best time to buy.
If you’re a buyer looking to lock in a rate that is still historically low or if you have any questions, feel free to reach out to us at (770) 634-9710. We look forward to hearing from you.