The Time to Lock Your Rate is NOW!
Have you been thinking about buying a new home? Now might be just the time to make that move. The current low rates we are seeing in the real estate market today are likely not going to stick around.
Here’s the great news, mortgage interest rates are still at historic lows which is fantastic for this hot spring housing market.
Our advice for people considering a home purchase is lock your rate now. “This is the last call before the bar closes at these historically low levels,” said Jonathan Smoke, chief economist at realtor.com®.
Rates are still low but experts believe they are about to rise. The Feds are expressing that the economy is becoming more stabilized so rates will likely rise in the next few terms. Since late 2008, the Fed has been helping with this stabilization by keeping rates low. Once things are settled, and consumer confidence rises, those rates will begin to rise. Some experts say that could happen as soon as June.
“From here, rates should go up more than down, which means affordability declines rapidly,” Smoke said. “It also means that navigating mortgage choices becomes simultaneously more important, but also more complex as higher rates would cause qualifications to be harder and some options will fall off the table.”
Affordability goes down as rates go up. That’s the way the market works. Rates rise and prices increase. Take advantage of your buying power now and lock your rate today.
Have a great week!
Sandi's Hot Home Listing
4 Cinco Circle, Placitas
Price: $450,000 Beds: 3 Baths: 3 Square Feet: 2,740
EXCEPTIONAL Placitas Custom Home offers a Private 2 Acre Sanctuary w/ breathtaking MTN views. This 3Bdrm/3Bath/3Car garage NM Pueblo home showcases spacious floorplan featuring a dramatic entry way into a cozy living space w/Kiva FP & exposed vigas, T&G ceilings + wooden shutters thru-out. Gorgeous upgraded Gourmet Kitchen w/custom cabinetry, Granite countertops w/beautiful backsplash accents. Relax in Private Master-Ste With stunning Kiva FP & lovely Master Bath Jetted tub, sep shower & LG walk in closets.Gorgeous front/backyard courtyards, beautiful low maintenance landscaping & unobstructed views. Horses are Welcome!Immaculate, warm & inviting property with its highly sought after location-Directly across street from National Forest Loop RD Trl Head-Fabulous access to hiking & biking!
