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3 Reasons why high rates might finally help you buy a home
3 Reasons why high rates might finally help you buy a home
After years of decreasing mortgage rates, buyers are now facing rates above 4% for the first time since before the coronavirus pandemic. Rising rates are pushing many buyers out of the market because they either can't afford the monthly payment or they qualify for less home than they wanted and are just going to wait it out.
But if you can afford the payments there are 3 reasons why high rates help you buy a home:
1. Lock in your housing expenses for the next 30 year.
2. You have less competition for the same amount of homes.
3. There are more housing stock easing the supply crunch a bit.
Higher mortgage rates might finally cool the hot housing market?
Finally, the overheated housing market might cool down, bringing an end to the frenzied buying and bidding wars.
A slowdown in demand could help give homebuilders time to catch up. A record low supply of homes is a big reason prices have risen so much during the COVID-19 pandemic.
If you want to know more about the housing market, you know you can call me, I will make it simple and safe!
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