Historically low mortgage rates are a big motivator for homebuyers right now. Many hopeful homebuyers are wondering if they should put their plans on hold and wait for the lowest rates imaginable, or are those rates already here? The reality is, acting sooner rather than later may be the actual win if you’re ready to buy a home. As vaccines become more widely available and a return to economic normal starts to come into view, mortgage rates are expected to trend upward.
While only a slight increase in mortgage rates is projected for 2021, many experts believe they will start to rise. Borrowers are smart to take advantage of these low rates now and will certainly benefit as a result.
To act now, ahead of any rate increases, will enhance a homebuyer’s purchasing power.
What does this mean for buyers?
Right now, the inventory of houses for sale is also at a historic low, making it more challenging than normal to find a home to buy in our local market. With this in mind, if you’ve found a home that fits your needs at a price you can afford, it might be better to act now rather than wait for future rate declines that may never come and a future that likely holds very tight inventory and increasing home prices.
While today’s low mortgage rates provide great opportunities for homebuyers, we may not see them stick around forever. If you’re ready to buy a home, the first step is to meet with a professional loan officer so you can take advantage of what today’s market has to offer.