Rising Mortgage Rates: Should I Buy a House Now or Wait Until 2023? - Total Mortgage Blog
Rising Mortgage Rates: Should I Buy a House Now or Wait Until 2023? - Total Mortgage Blog
Abstract
How Rising Mortgage Rates Are Affecting Home Buyers Mortgage rates are the highest they've been in over a decade and affordability remains the biggest obstacle to homeownership. At the beginning of the year, a buyer's monthly mortgage payment was around $1,300 for a 30-year fixed rate mortgage on a $300,000 house. As mortgage rates go up, it raises the overall cost of buying a house with a mortgage. Total Mortgage has mortgage experts standing by who work with lenders across the nation. Use Mortgage Points to Lower Your Interest Rate To help you understand what mortgage points are and how to utilize them to decrease your interest rate, here are a few things to keep in mind while purchasing a home with them: Mortgage points are a form of fee one can pay to lower the interest rate. Consider an Adjustable Rate Mortgage Increasing numbers of home buyers, both first-time and repeat, are embracing adjustable-rate mortgages or ARMs in an effort to save money. Apply for a Home Loan With Total Mortgage For those wondering "Should I buy a house now or wait until 2023?" there's no guarantee that rates will go down and there are steps you can take to potentially qualify for a better interest rate on your mortgage.