Should I Purchase a Home with Current Mortgage Rates?
While mortgage rates are on still on the rise now is an ideal time to purchase a home. Mortgage interest rates are likely increasing primarily due to the high rate and volatility of inflation that is occurring. Rates are even expected to rise again before the end of this year. Good news is that there appears to be slightly more inventory of homes available than earlier in 2022. The increase in interest rates has also caused a decrease in the number of potential buyers in the market making it easier to make an offer on a home.
If you have been looking to purchase a home for awhile you likely know how difficult it has been to get an offer accepted amongst the competitive bidding wars that were taking place. Luckily, the swift change in the real estate market has helped to even the playing field somewhat. While it is still technically considered a “sellers market” as demand is still far exceeding supply of homes available, it has lessened since the end of last year. As your local Moorpark Realtor and trusted real estate team we are here to help you navigate these changes in the market and to help you make wise real estate decisions.
If you are looking at purchasing a new home today a 30-year mortgage rate is currently sitting at 6.28%. If you are able to finance at a 15-year mortgage the rate is 5.56% where a 5/1 arm is 4.67%. If you are not sure which mortgage solution makes sense for your situation please do not hesitate to ask questions! We realize how confusing this entire process can be and we are here to help! As your local Moorpark Realtor and real estate team, we have decades of experience in helping new homebuyers navigate the proper loan for their families.