{"id":9313,"date":"2023-10-16T06:30:00","date_gmt":"2023-10-16T10:30:00","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=9313"},"modified":"2023-10-16T06:30:00","modified_gmt":"2023-10-16T10:30:00","slug":"are-higher-mortgage-rates-here-to-stay-2","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=9313","title":{"rendered":"Are Higher Mortgage Rates Here To Stay?"},"content":{"rendered":"
\"Are<\/p>\n

Mortgage rates<\/a> have been back on the rise recently and that\u2019s getting a lot of attention from the press. If you\u2019ve been following the headlines, you may have even seen rates recently reached their highest level<\/a> in over two decades (see graph below<\/em>):\u00a0\u00a0<\/p>\n

<\/a><\/p>\n

<\/p>\n

That can feel like a little bit of a gut punch if you\u2019re thinking about making a move<\/a>. If you\u2019re wondering whether or not you should delay your plans, here\u2019s what you really need to know.\u00a0\u00a0\u00a0<\/p>\n

\u00a0How Higher Mortgage Rates Impact You\u00a0<\/strong>\u00a0<\/h4>\n

\u00a0There\u2019s no denying mortgage rates are higher right now than they were in recent years. And, when rates are up, that affects overall home affordability<\/a>. It works like this. The higher the rate, the more expensive it is to borrow money when you buy a home<\/a>. That\u2019s because, as rates trend up, your monthly mortgage payment<\/a> for your future home loan also increases.\u00a0\u00a0<\/p>\n

\u00a0Urban Institute<\/em> explains<\/a> how this is impacting buyers and sellers right now:\u00a0<\/p>\n

\u00a0\u201c<\/em>When mortgage rates go up, monthly housing payments on new purchases also increase.<\/em><\/strong> 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.\u201d<\/em>\u00a0<\/p><\/blockquote>\n

\u00a0Basically, some people are deciding to put their plans on hold because of where mortgage rates are right now. <\/em>But what you want to know is: is that a good strategy<\/a>?\u00a0<\/p>\n

\u00a0Where Will Mortgage Rates Go from Here?<\/strong>\u00a0<\/h4>\n

\u00a0If you\u2019re eager for mortgage rates to drop, you\u2019re not alone. A lot of people are waiting for that to happen. But here\u2019s the thing. No one knows when it will. Even the experts can\u2019t say with certainty what\u2019s going to happen next.\u00a0\u00a0<\/p>\n

\u00a0Forecasts<\/a> project rates will fall in the months ahead, but what the latest data<\/a> says is that rates have been climbing lately. This disconnect shows just how tricky mortgage rates are to project.\u00a0\u00a0<\/p>\n

\u00a0The best advice for your move is this: don\u2019t try to control what you can\u2019t control.<\/strong> This includes trying to time the market or guess what the future holds for mortgage rates. As CBS News<\/em> states<\/a>:\u00a0<\/p>\n

\u00a0\u201cIf you’re in the market for a new home, <\/em>experts typically recommend focusing your search on the right home purchase \u2014 not the interest rate environment<\/em><\/strong>.\u201d<\/em>\u00a0<\/p><\/blockquote>\n

\u00a0Instead, work on building a team of skilled professionals<\/a>, including a trusted lender and real estate agent, who can explain what\u2019s happening in the market and what it means for you.\u00a0If you need to move because you\u2019re changing jobs<\/a>, want to be closer to family, or are in the middle of another big life change<\/a>, the right team can help you achieve your goal<\/a>, even now.\u00a0<\/p>\n

Bottom Line<\/h3>\n

The best advice for your move is: don\u2019t try to control what you can\u2019t control \u2013 especially mortgage rates. Even the experts can\u2019t say for certain where they\u2019ll go from here. Instead, focus on building a team of trusted professionals who can keep you informed. When you\u2019re ready to get the process started, connect with a local real estate agent.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Mortgage rates have been back on the rise recently and that\u2019s getting a lot of attention from the press. If you\u2019ve been following the headlines, you may have even seen rates recently reached their highest level in over two decades (see graph below):\u00a0\u00a0 That can feel like a little bit of a gut punch if […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-9313","post","type-post","status-publish","format-standard","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/9313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9313"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/9313\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}