“Should we just wait?” It’s a fair question. Mortgage rates just climbed past 7%, the highest we’ve seen since 2023, and the headlines aren’t exactly calming anyone down. But the sky isn’t falling. We’ve seen this before, and the people who planned ahead came out just fine. In fall 2023, rates actually went higher than they are now, and by the following year they had eased back down.
The good news is you have options. If you like knowing exactly what your payment will be, a fixed-rate loan keeps things steady, and refinancing is an option if rates fall. If you expect to move or refinance in the next several years, an adjustable-rate mortgage can offer a lower starting rate and some breathing room up front. The right choice depends on your plans, and a trusted lender can walk you through the numbers.
Here’s the other thing to keep in mind. When rates drop, you won’t be the only one who notices. Buyers who have been waiting will all come back at once, and that’s when prices get pushed up and negotiating gets harder. If the payment works for you today, buying now can mean less competition and a better shot at the right home.
Want to see what today’s rates mean for you? Reach out and we’ll help you map out your next move.
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