Buyers and sellers have been enjoying low-interest rates for a couple of years now. But with an increase at the end of December 2021 (up to 3.11%), the low rates are rising.
The economy is stabilizing, and the Omicron strain isn’t as dire as was initially predicted. Though the ultra-contagious pressure is still more severe, symptoms are milder, and people are recovering better. But this is a blog about real estate, not another piece on Coronavirus.
The economy is evening out, but inflation is at an all-time high and still rising. Sam Khater, Freddie Mac’s Chief Economist, says, “Data suggests that the economy remains on firm ground, particularly cyclical industries like manufacturing and housing.” We’re in this sweet spot where the economy stabilizes, but interest rates are still low. NOW is the perfect time to take advantage of low rates to boost your real estate investments.
Many economic and personal factors go into finding your best available rate. Unfortunately, we don’t have control over the strength of today’s economy or employment numbers. Still, you can ensure that your credit history is in line and determine the size of your down payment. Comparing rates from different sources takes some legwork, but it’s worth it if you can finally buy your dream home.