How Rising Mortgage Rates Could Affect You
If you’re planning on investing in real estate, buying a house, or refinancing an existing home, it’s mandatory to know about any changes in the market or rules. This knowledge will help you to plan better if you’re aware of a change in real estate or lending regulations or an increase or decrease in rates.
As mortgage brokers who strive to get the best possible rates and products for our clients, First Fidelity Mortgage also works towards keeping our clients updated about the latest changes in the market.
What's New: Rising Mortgage Rates
Due to the positive state of the economy since the beginning of 2018 you’re starting to see continual inflation of mortgage rates. This increase in rates is continuously making it harder for people to qualify for a mortgage and is reducing the size of mortgage they can afford. In turn, this is affecting their ability to purchase a home.
The Good News: It's a Lucrative Time to Buy
However, it’s not all bad news! Mortgage interest rates are still historically extremely low. So if you’re looking at purchasing a home, now is the best time, as there is going to be a steady increase in mortgage interest rates going forward. This steady rise in rates also makes it the ideal time to refinance or purchase.
Why invest now? By observing the current trend, we believe that the longer you wait to refinance or purchase a home, the more you will have to pay, as mortgage interest rates are on the ascent. Now is the time to take advantage of these still considerably low mortgage rates.
If you're looking to refinance or purchase a home or have any questions about changing mortgage rates, get in touch with First Fidelity Mortgage. We’re a team of highly experienced mortgage brokers that will help you find some of the lowest mortgage rates and closing costs in the industry. Whether we’re helping you with a home purchase, refinance, debt consolidation, cash out, or financing home improvements, we can help you reach a result in the quickest possible time.