Purchasing a home is an exciting time for any family. But, it is also an expensive experience and you have to make sure that you have your finances in order to make a good move for the future. One thing you do have to pay attention to is the mortgage rates. This is something that changes all the time and you want to ensure you get a mortgage when they are low and affordable.
But, there is no doubt that the last few years have thrown some curveballs. In particular, if you live in Washington, you will need to pay attention to the mortgage rates. So, are they expected to rise in the state? Let’s take a closer look at the answer.
What We Can Expect
In the summer, experts told us that the rising prices of housing and the mortgage rates were soon going to drop. They would be back to normal before we knew it. But, we hate to say that this does not seem to be the case. There is no doubt that the economy has been badly affected in the last few years thanks to the pandemic. At one point, you could enjoy great mortgage rates and they were the lowest on record. But, if you are now looking to move up in the market, this might not be the ideal time to do so. You will need to compare some of the best mortgage rates to see if you can afford them right now.
Unfortunately, with the new variant emerging at the end of 2021, this started to have an effect on the housing market. It was slowing down the economy again and this was going to have an effect on the interest rates. As a result, if you are looking for a mortgage be prepared for higher interest rates. This is going to drive up how much you are paying for a property.
Bigger Choice of Homes
It is not all doom and gloom when it comes to the property market. Let’s not forget that a lot of people during the pandemic have been wanting to move home. Families are searching for larger homes so that they can adjust to working from home and other changes in their life. At the other end of the scale, there are people that have to make financial adjustments and they are looking to downgrade. So, this does mean that if you are a property buyer, you are likely to have a larger selection of homes to choose from.
While you might experience rising interest rates at the moment, you may also have a better selection of homes you can afford. The best thing you can do is be patient and see what happens at the start of 2022. If you may find a home and a mortgage that you can afford and be comfortable with. You also want to be careful about the type of mortgage you select.