{"id":2186,"date":"2021-11-08T14:27:03","date_gmt":"2021-11-08T14:27:03","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=2186"},"modified":"2021-11-08T14:27:03","modified_gmt":"2021-11-08T14:27:03","slug":"two-graphs-show-shouldnt-upset-3-mortgage-rates","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/two-graphs-show-shouldnt-upset-3-mortgage-rates\/","title":{"rendered":"Two Graphs That Show Why You Shouldn\u2019t Be Upset About 3% Mortgage Rates"},"content":{"rendered":"
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Two Graphs That Show Why You Shouldn\u2019t Be Upset About 3% Mortgage Rates<\/p><\/div>\n

With the average 30-year fixed mortgage rate from\u00a0Freddie Mac<\/em><\/a>\u00a0climbing above 3%, rising rates are one of the topics dominating the discussion in the housing market today. And since experts\u00a0project<\/a>\u00a0rates will rise further in the coming months, that conversation isn\u2019t going away any time soon.<\/p>\n

But as a homebuyer, what do\u00a0rates<\/a>\u00a0above 3%\u00a0really<\/em>\u00a0mean?<\/p>\n

Today\u2019s Average Mortgage Rate Still Presents Buyers with a Great Opportunity<\/strong><\/h4>\n

Buyers don\u2019t want mortgage rates to rise, as any upward movement increases your monthly mortgage payment. But it\u2019s important to put today\u2019s average mortgage rate into perspective. The\u00a0graph<\/a>\u00a0below shows today\u2019s rate in comparison to average rates over the last five years:<\/p>\n

\"\"

Today’s Mortgage Rate is Still Lower Than the Last Five Years<\/p><\/div>\n

As the graph shows, even though today\u2019s rate is above 3%,\u00a0it\u2019s still incredibly competitive.<\/strong><\/p>\n

But today\u2019s rate isn\u2019t just low when compared to the most recent years. To truly put today into perspective, let\u2019s look at the last 50 years\u00a0(see graph below):<\/em><\/p>\n

\"\"

Compared to the Last Five Decades, Today’s Rate is Much Lower<\/p><\/div>\n

When we look back even further, we can see that\u00a0today\u2019s rate is truly outstanding by comparison<\/strong>.<\/p>\n

What Does That Mean for You?<\/strong><\/h4>\n

Being upset that you missed out on sub-3% mortgage rates is understandable. But it\u2019s important to realize, buying now still makes sense as\u00a0experts project<\/a>\u00a0rates will continue to rise. And as rates rise, it will cost more to purchase a home.<\/p>\n

As Mark Fleming, Chief Economist at\u00a0First American<\/em>,\u00a0explains<\/a>:<\/p>\n

\u201cRising mortgage rates, all else equal, will diminish house-buying power,\u00a0meaning it will cost more per month for a borrower to buy \u2018their same home.\u2019\u201d<\/strong><\/em><\/p><\/blockquote>\n

In other words,\u00a0the longer you wait, the more it will\u00a0<\/strong>cost you<\/strong><\/a>.<\/strong><\/p>\n

Bottom Line<\/strong><\/h3>\n

While it\u2019s true today\u2019s average mortgage rate is higher than just a few months ago, 3% mortgage rates shouldn\u2019t deter you from your homebuying goals. Historically, today\u2019s rate is still low. And since rates are expected to continue rising, buying now could save you money in the long run. Let\u2019s connect so you can lock in a great rate now.<\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.<\/em><\/h5>\n","protected":false},"excerpt":{"rendered":"

Buyers don\u2019t want mortgage rates to rise, as any upward movement increases your monthly mortgage payment. But it\u2019s important to put today\u2019s average mortgage rate into perspective. Finish Reading Two Graphs That Show Why You Shouldn\u2019t Be Upset About 3% Mortgage Rates<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[272,18,91,52,9,49,42,40,117,116,280,33,308,228,63,20,48,28,54,47,19,6,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2186"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=2186"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2186\/revisions"}],"predecessor-version":[{"id":2190,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2186\/revisions\/2190"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=2186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=2186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=2186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}