1- Mortgage Interest Rates and Prices are on the Rise:
Mortgage rates are currently at 4% according to Freddie Mac’s Primary Mortgage Market Survey, a historic low, but will be rising in the near future. This is your monthly payment. Lock down a good price now to avoid unnecessary debt.
Interest rates have increased 6.9% over the past 12 months and are projected to rise another 4.8% throughout the year according to CoreLogic’s latest Home Price Index.
2- Either way, a Mortgage is Being Paid:
Whether it is your own or your landlord’s, a mortgage is being paid. With a landlord, they are building equity every month you pay them and you’re getting nothing. With your own mortgage, you are forced to save money into a building made of equity, giving you something after spending money every month.
3- It is Time to Move Forward:
Mortgage rates and home prices are on the rise, every month you rent you’re throwing money at nothing, and a house will give your family financial worth. There isn’t a right or wrong time to move into a home, but currently, the market is in your favor and won’t be for too much longer.