Mortgage rates are at their highest level in decades. Here's where they're likely heading next.
We may not know precisely where mortgage rates are headed, but the general consensus is that they haven't reached their peak. However, now might still be the right time to lock in a mortgage rate. Here's why.With many predicting interest rates will go higher this year, it could make sense to take out a mortgage now before it becomes even more expensive to do so.
"If inflation remains elevated over the second half of 2023, that may force the Fed to raise rates more than anticipated, which would push mortgage rates higher than current predictions," Peter Idziak, a senior associate at Polunsky Beitel Green specializing in mortgage law, previously toldIf you have no immediate need to buy a home, you may opt to ride out interest rate hikes and resume house hunting once rates go down.
A common adage among real estate experts is"marry the house, date the rate." In other words, you can always look for ways to lower your rate down the line, and accepting a higher rate for now could mean securing your ideal home for the long run.Locking in a rate now doesn't mean you'll be stuck with that rate forever. Once you've built up some
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