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Hello to All!
It’s no secret that today’s mortgage rates are at a 23 year high. We are around 8% right now and it is putting people back on the sidelines who could have purchased last year but chose to wait. Unfortunately these rates coupled with home prices make it difficult for some to get into the market entirely.
No one knows what the market is going to do. I don’t have a crystal ball and experts like Jeff Ostrowski from Bankrate and Lawrence Yun (Chief Economist for the National Association of Realtors) don’t have them either! Sadly this is just something we have to deal with, as are many things.
There are ways to lower your monthly payment so that it is affordable. A 2-1 or a 3-2-1 BUYDOWN would help sweeten your interest rate temporarily for the next 2-3 years. Getting that from the seller would make it even sweeter! There are some downpayment assistance type programs for those who qualify.
If buying your dream home isn’t a possibility right now, start with something smaller and use it as a stepping stone to help get you where you want to be.
Bottom line, if you can afford it now, don’t wait for a better deal. In 1972, if you waited for interest rates to come down from 7.38, you would have waited for 21 years for them to hit 7.31. Real estate appreciates. Invest in yourself now!
