{"id":2236,"date":"2021-11-24T13:24:14","date_gmt":"2021-11-24T13:24:14","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=2236"},"modified":"2021-11-24T13:24:14","modified_gmt":"2021-11-24T13:24:14","slug":"smart-buyers-approaching-rising-mortgage-rates","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/smart-buyers-approaching-rising-mortgage-rates\/","title":{"rendered":"How Smart Buyers Are Approaching Rising Mortgage Rates"},"content":{"rendered":"
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How Smart Buyers Are Approaching Rising Mortgage Rates<\/p><\/div>\n

Last week, the average 30-year fixed mortgage rate from Freddie Mac<\/em><\/a> inched up to 3.1%, and experts project<\/a>rates will continue rising through 2022:<\/p>\n

\u201cThe 30-year fixed-rate mortgage was 2.9% in the third quarter of 2021. We forecast mortgage rates to increase slightly through the remainder of the year and reach 3.0%, rising to 3.5% for full year 2022.\u201d<\/strong><\/em><\/p><\/blockquote>\n

If you\u2019re thinking of buying a home, here are a few things to keep in mind so you can succeed even as mortgage <\/strong>rates rise<\/strong><\/a>. <\/strong><\/p>\n

Taking Time Off Can Be Costly<\/strong><\/h4>\n

Mortgage rates play a significant role in your home search. As rates go up, your monthly mortgage payment increases if you\u2019re buying a home, directly affecting how much you can afford. And even the smallest increase can have a large impact on your monthly payment<\/a> (see chart below)<\/em>:<\/p>\n

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How Rising Mortgage Rates Impact Your Monthly Payment<\/p><\/div>\n

With mortgage rates on the rise, you\u2019ve likely seen your purchasing power impacted already. Instead of waiting and hoping rates will fall, today\u2019s rates should motivate you to purchase now before rates increase more.<\/p>\n

Smart Buyers Can Succeed by Planning Ahead<\/strong><\/h4>\n

You can use your newfound motivation to energize your search and plan your next steps accordingly so you\u2019re prepared to act no matter what happens with mortgage rates. One way to do that: take rising rates into consideration as part of your budget. <\/strong><\/p>\n

Danielle Hale, Chief Economist at realtor.com, <\/em>puts it best, saying<\/a>:<\/p>\n

\u201cSmart buyers should consider calculating a monthly payment not only at today\u2019s rates, but also at rates that are a bit higher<\/strong> so that they won\u2019t be derailed by a sudden upward move<\/strong>. . . .\u201d<\/em><\/p><\/blockquote>\n

You should also be ready to act when you find the home that meets your needs. That means getting pre-approved<\/a> with a lender so there won\u2019t be any delays when the time arrives.<\/p>\n

The best way to prepare is to work with a trusted real estate advisor now<\/strong>. An agent can connect you with a lender, help you adjust your search based on your budget, and be ready to act quickly when it\u2019s time to make an offer<\/a>.<\/p>\n

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

Serious buyers should approach rising rates as a motivating factor to buy sooner, not a reason to wait. Waiting will cost you more in the long run. Let\u2019s connect today so you can better understand your budget and be prepared to buy your home even before rates climb higher.<\/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":"

If you\u2019re thinking of buying a home, here are a few things to keep in mind so you can succeed even as mortgage rates rise. Finish Reading How Smart Buyers Are Approaching Rising 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":[36,69],"tags":[38,10,18,16,27,91,86,52,49,42,117,116,228,63,20,24,429,28,47,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2236"}],"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=2236"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2236\/revisions"}],"predecessor-version":[{"id":2239,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2236\/revisions\/2239"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=2236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=2236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=2236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}