Mortgage rates play a significant role in your home search. As rates go up, they impact how much you’ll pay on your monthly mortgage payment, which directly affects how much home you can comfortably afford. This graph shows how even a quarter-point increase in rate can have a big impact on your monthly payment.
With mortgage rates on the rise, you’ve likely seen your purchasing power impacted already. Instead of delaying your plans, today’s rates should motivate you to purchase now, before rates increase even more. Use that motivation to energize your search and plan your next steps accordingly.
The best way to prepare is to work with one of our trusted real estate advisors at Braceland Homes. We can connect you with a trusted lender, help you adjust your search based on your budget, and make sure you’re ready to act quickly when it’s time to make an offer on a home.
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