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Navigating Interest Rates for Buyers

Navigating Interest Rates as a Buyer
Navigating Interest Rates as a Buyer
Navigating Interest Rates as a Buyer With PCRE

Welcome back to our blog, today we are going to talk about Navigating Interest Rates as a Buyer, This may seem overwhelming but we have your back. Take a deep breath and listen up! We are here to guide you every step of the way.

There are two main things every buyer needs to understand about interest rates. Let’s get started!

1) They’re always changing. Sometimes they go up and other times they go back down!

According to NAR, they are projected to continue to rise throughout 2022, so if you’re waiting for them to drop so you can buy something before the end of the year, it’s probably not going to happen.

2) You are not forever stuck with the interest rate you have at closing.

Ask your lender about the process of refinancing in the months and years ahead when interest rates inevitably drop again. We have plenty of lenders we can recommend to help you with this!

There is a chance the higher interest rates have made what you really want no longer affordable.

If that’s the case, keep saving up money for a bigger down payment and wait for rates to drop again.

But, if you can still afford the kind of house you want at a higher interest rate, go for it!

The higher rates are keeping some buyers away, so there will be less competition. And you can always refinance when the rates inevitably drop again!

If you have any questions you can always reach out to us. Please take a minute to follow us over on instagram where we are constantly posting tips and advice about real estate! Thank you for joining us today. If there are any topics you want us to write about please let us know. If you are looking for the perfect agent to meet your needs check out our MEET THE AGENTS page.