So, there's been a lot of talk in the news about mortgage rates going up again. If you've been keeping an eye on the headlines, you might have noticed that rates have actually hit their highest point in over twenty years. Take a look at the graph below to see the increase.

If you’re thinking about moving, it can hit you right in the gut. You might be wondering if you should put your plans on hold. Well, here's what you need to know to make an informed decision.

How Higher Mortgage Rates Impact You

You know, mortgage rates have gone up quite a bit compared to the past few years. And when rates are higher, it actually makes it harder to afford a home. Here's how it works: when the rate is high, it means that borrowing money to buy a home becomes more expensive. So basically, as rates go up, the amount you have to pay each month for your mortgage also goes up.

““When mortgage rates go up, monthly housing payments on new purchases also increase. For potential buyers, increased monthly payments can reduce the share of available affordable homes . . . Additionally, higher interest rates mean fewer homes on the market, as existing homeowners have an incentive to hold on to their home to keep their low interest rate.” ”

— Urban Institute

So, here's the deal. A lot of folks are thinking about delaying their plans because of the current mortgage rates. And you're probably wondering if that's actually a smart move. Well, let me break it down for you and give you the lowdown on whether it's a good strategy or not.

Where Will Mortgage Rates Go from Here

Are you hoping for mortgage rates to go down? You're definitely not alone! Many people are in the same boat. But the thing is, nobody knows when it will happen. Not even the experts can say for sure what's going to come next.

So here's the deal: the forecasts say that mortgage rates are supposed to go down in the coming months. But guess what? The latest data actually shows that rates have been going up recently. This whole situation just goes to show how unpredictable and tricky mortgage rates can be to predict.

The best advice for your move is this: don’t try to control what you can’t control. This includes trying to time the market or guess what the future holds for mortgage rates.

““If you’re in the market for a new home, experts typically recommend focusing your search on the right home purchase — not the interest rate environment.” ”

— CBS News

Instead of going it alone, focus on putting together a solid group of talented experts. Find a reliable lender and real estate agent who can give you the lowdown on the current market and its implications for you. Whether you're relocating for work, wanting to be closer to your loved ones, or going through a major life transition, having the right team by your side can help you reach your goal, even in these uncertain times. So, don't hesitate to reach out and get the support you need!

Bottom Line

Moving can be a stressful time, but I have some solid advice for you: don't waste your energy trying to control things that are beyond your control - like those unpredictable mortgage rates. Even the experts can't predict where they'll go next. Instead, focus on something you can control - assembling a team of professionals you can trust to keep you in the loop. When you feel ready to kick off the moving process, reach out to me and let's get connected.