{"id":7865,"date":"2022-10-04T10:00:19","date_gmt":"2022-10-04T10:00:19","guid":{"rendered":"https:\/\/thezakariagroup.com\/the-cost-of-waiting-for-mortgage-rates-to-go-down\/"},"modified":"2022-10-04T10:00:19","modified_gmt":"2022-10-04T10:00:19","slug":"the-cost-of-waiting-for-mortgage-rates-to-go-down","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/the-cost-of-waiting-for-mortgage-rates-to-go-down\/","title":{"rendered":"The Cost of Waiting for Mortgage Rates To Go Down"},"content":{"rendered":"
\n

\"The<\/p>\n

Mortgage rates have increased significantly<\/a> in recent weeks. And that may mean you have questions about what this means for you if you\u2019re planning to buy a home. Here\u2019s some information that can help you make an informed decision when you set your homebuying plans.<\/span><\/p>\n

The Impact of Rising Mortgage Rates<\/strong><\/h4>\n

As mortgage rates rise, they impact your purchasing power by raising the cost of buying a home and limiting how much you can comfortably afford. Here\u2019s how it works.<\/p>\n

Let\u2019s assume you want to buy a $400,000 home (the median-priced home according to the National Association of Realtors <\/em>is $389,500<\/a>). If you\u2019re trying to shop at that price point and keep your monthly payment about $2,500-2,600 or below, here\u2019s how your purchasing power can change as mortgage rates climb (see chart below<\/em>). The red shows payments above that threshold and the green indicates a payment within your target range.<\/p>\n

\"The<\/a><\/p>\n

As the chart shows, as rates go up, the amount you can afford to borrow decreases and that may mean you have to look at homes at a different price point. That\u2019s why it\u2019s important to work with a real estate advisor<\/a> to understand how mortgage rates impact your monthly mortgage payment at various home loan amounts.<\/p>\n

Are Mortgage Rates Going To Go Down? <\/strong><\/h4>\n

The rise in mortgage rates and the resulting decrease in purchasing power may leave you wondering if you should wait for rates to go down before making your purchase. Realtor.com<\/em> says<\/a> this about where rates could go from here:<\/p>\n

\n

\u201cMany homebuyers likely winced . . . upon hearing that the Federal Reserve yet again boosted its short-term interest rates by three-quarters of a percentage point\u2014a move that\u2019s pushing mortgage rates through the roof. And the already high rates are just going to get higher.<\/strong>\u201d<\/em><\/p>\n<\/blockquote>\n

So, if you\u2019re waiting for mortgage rates to drop, you may be waiting for a while as the Federal Reserve<\/em> works to get inflation<\/a> under control.<\/p>\n

And if you\u2019re considering renting as your alternative while you wait it out, remember that\u2019s going to get more expensive with time too. As Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors<\/em> (NAR), says<\/a>:<\/p>\n

\n

\u201cThere is no doubt that these higher rates hurt housing affordability. Nevertheless, apart from borrowing costs, rents additionally rose at their highest pace in nearly four decades<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n

Basically, it is true that it costs more to buy a home today than it did last year, but the same is true for renting. This means, either way, you\u2019re going to be paying more. The difference is, with homeownership, you\u2019re also gaining equity<\/a> over time which will help grow your net worth<\/a>. The question now becomes: what makes more sense for you?<\/em><\/p>\n

Bottom Line<\/strong><\/h3>\n

Each person\u2019s situation is unique. To make the best decision for you, let\u2019s connect to explore your options.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage rates have increased significantly in recent weeks. And that may mean you have questions about what this means for you if you\u2019re planning to buy a home. Here\u2019s some information that can help you make an informed decision when you set your homebuying plans. The Impact of Rising Mortgage Rates As mortgage rates rise, […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,102,104,101],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nThe Cost of Waiting for Mortgage Rates To Go Down - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/the-cost-of-waiting-for-mortgage-rates-to-go-down\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Cost of Waiting for Mortgage Rates To Go Down - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"Mortgage rates have increased significantly in recent weeks. 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