{"id":7111,"date":"2021-07-19T06:00:57","date_gmt":"2021-07-19T10:00:57","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=7111"},"modified":"2021-07-19T06:00:57","modified_gmt":"2021-07-19T10:00:57","slug":"what-you-should-do-before-interest-rates-rise","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=7111","title":{"rendered":"What You Should Do Before Interest Rates Rise"},"content":{"rendered":"
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\"What<\/p>\n

In today\u2019s real estate market, mortgage interest rates are near record lows. If you\u2019ve been in your current home for several years and haven\u2019t refinanced lately, there\u2019s a good chance you have a mortgage with an interest rate higher than today\u2019s average. <\/strong>Here are some options you should consider if you want to take advantage of today\u2019s current low rates before they rise.<\/span><\/p>\n

Sell and Move Up (or Downsize)<\/strong><\/h4>\n

Many of today\u2019s homeowners are rethinking what they need in a home and redefining what their dream home<\/a> means. For some, continued remote work is bringing about the need for additional space. For others, moving to a lower cost-of-living area or downsizing may be great options. If you\u2019re considering either of these, there may not be a better time to move. Here\u2019s why.<\/p>\n

The chart below shows average mortgage rates<\/a> by decade compared to where they are today:\"What<\/a>Today\u2019s rates are below 3%, <\/strong>but experts forecast<\/a> rates to rise over the next few years.<\/p>\n

If the interest rate on your current mortgage is higher than today\u2019s average, take advantage of this opportunity by making a move and securing a lower rate. Lower rates<\/a> mean you may be able to get more house for your money and still have a lower monthly mortgage payment than you might expect.<\/p>\n

Waiting, however, might mean you miss out on this historic opportunity. Below is a chart showing how your monthly payment will change if you buy a home as mortgage rates increase:\"What<\/a><\/p>\n

Breaking It All Down:<\/strong><\/h5>\n

Using the chart above, let\u2019s look at the breakdown of a $300,000 mortgage:<\/p>\n