Why interest rates have increased dramatically and will continue to climb.
Interest rates have risen considerably in the last few months. As of this blog post, they’re in the low 5% range for 30-year mortgages. They’ve gone up quite a bit, and we don’t expect them to go down.
The Federal Reserve has stated that they will roll back everything they were doing to keep rates low. They were buying mortgage-backed securities and other assets that helped keep rates down, but those purchases are being reduced significantly.
The goal is to suppress some of the demand and increase the inventory. They want to make our market more balanced. If you’re a buyer in today’s market, my advice would be to lock in the interest rate we have right now. It looks like they will only be going up from here.
If you have any questions, feel free to call my team at (770) 634-9710. I promise you’ll be happy you did.