Experts’ opinion on today’s Mortgage Rates
Good news for buyers! Mortgage rates are going near record lows and this is a great opportunity to grab if you are planning to buy this year or next year. Here’s what experts in the industry say;
Sam Khater, Chief Economist at Freddie Mac, points out the historic nature of today’s rates:
“As the economy works to get back to its pre-pandemic self, and the fight against COVID-19 variants unfolds, owners and buyers continue to benefit from some of the lowest mortgage rates of all time.”
Mark Fleming, Chief Economist at First American, talks about how rates impact a buyer’s bottom line:
“Mortgage rates are generally the same across the country, so a decline in mortgage rates boosts affordability equally in each market.”
Danielle Hale, Chief Economist at realtor.com, also notes the significance of today’s low rates and urges buyers to carefully consider their timing:
“Those who haven’t yet taken advantage of low rates to buy a home or refinance still have the opportunity to do so this summer.”
Hale goes on to say that buyers who don’t act soon could see higher rates in the coming months, negatively impacting their purchasing power:
“We expect mortgage rates to fluctuate near historic lows through the summer before beginning to climb this fall.”
Mortgage rates are still low today. The data from Freddie Mac indicates rates are changing and slightly moving up. It’s important to keep in mind the influence rates have on your monthly mortgage payment.
Even small increases can have a big impact on what you pay each month. Trust the experts. Today’s rates give you the opportunity and flexibility in what you can afford. So, if you are torn between buying today or next year, this is the sign for you.
Mortgage rates hover near record lows today, but experts forecast they’ll rise in the coming months. Waiting could prove costly when that happens. Talk to your trusted real estate advisor to discuss today’s rates and determine if now’s the time for you to buy.