If you are interested in purchasing a home in the near future, you may have been watching mortgage rates closely after the last year or so. After a period of historic lows, mortgage rates have increased significantly in recent months, and this may have deterred you from getting a loan.
At this point, mortgage rates will likely never return to their rock-bottom low that enticed many buyers around the time of the pandemic. But this doesn’t mean that mortgage rates will stay this elevated forever. Many experts suspect that mortgage rates won’t get any higher, but at the same time, you won’t see rates as low as you did just a year or two ago again.
This is good news if you’ve been trying to buy a home for a little while. And while interest rates may not be extremely low, housing prices have started to drop, balancing out the cost of purchasing a new home. What happens with interest rates in the coming months will depend on inflation and what the Federal Reserve intends to do.
If you are worried about getting a low rate on your mortgage, we can shop around for you at Harbor Mortgage Company. We are not tied to one single lender, so we can find the best possible mortgage lending terms for your situation when you work with us. Contact us today to learn more and to start the mortgage application process.