If you are considering buying a new home, you probably noticed that mortgage interest rates are on the rise. So, the question becomes – act now or wait it out?

Most pros think mortgage rates will increase or remain about the same without going any lower over the next year, so loan candidates who are serious about purchasing a home as well as existing homeowners eager to refinance need to ask themselves a serious question: Should I lock in now at a current low rate or take my chances down the road later in 2024?

Perhaps now is the time to act, whether you are looking to purchase or refinance. Some professionals suggest even more urgency if you’re looking to purchase, since prices continue to rise in most areas and inventory is at all-time lows.

Even a small price increase of five percent, coupled with an interest rate that is one eighth to one half percent higher than they are today, can cost a home buyer thousands. It’s reasonable to believe that by locking in sooner versus later makes sense, but only if the pricing available allows you to own the home within your budget. And if you can refinance today and lower your rate, with your lender paying the closing costs, you should do so.

Today’s mortgage rates are in a rock-bottom range. If you’re ready to buy a home or save money with a refinance, there’s no time like the present to capitalize on today’s record-setting rates. Some market participants are predicting two to three Federal rate hikes between now and the end of 2024. The Fed continues to be the biggest buyer of mortgage-backed securities in the market. If they slow down on these purchases, the supply and demand relationship will invert, causing heavy volatility — which could have more of a negative effect on mortgage rates than a Fed hike.

For those of you wishing to sell, the advice is the same. With interest rates and inventory at all-time lows since the end of WWII, it’s best to place your house on the market now, providing it’s in tip-top condition to sell. Buyers will be more willing to pay top dollar now, even though they will aggressively scrutinize the condition and value of their purchase.

They are professionals at Deon Cannon Realty and they’re here to serve your real estate needs. Call them at (404) 630-2985 and they’ll work with you right now to develop a strong and sensible plan to sell your home or find the one that’s absolutely perfect for you.