When rates are rising, it’s normal to worry and to wonder if the time to buy a home has passed you by. It hasn’t. Here’s some mortgage rate history to give you some perspective. In 1981, just one generation ago, borrowers paid 16-18% to buy a home.
Yes, rates recently rose. But right now, we’re nowhere near levels that should cause you enough concern to give up on your home search.
Even so, rates are not expected to return to 2021 levels in the near future, so if buying a home is your goal, now is the time to get ready to apply…. And if and when rates improve at a later date you can always refinance to a lower rate and payment.
Buying a home now when rates are higher has many benefits; for instance:
At Star Mortgage we offer home loans that come with a lock-and-shop service option. Lock & Shop gives you rate security with 90-, 120-, 150- 180-, 270-, and 365-day rate lock options. If the rates improve as you shop, you can float down to the better rate.
That’ll give you timeto find a home without worrying about interest rate fluctuations. If rates go up, you’re locked at the lower rate. If rates go down, I’ll make sure you get the lower rate once you enter into a purchase contract.
We offer a free consultation so that you can learn the best financing option for your individual needs. Call us today 508-941-5616