{"id":239,"date":"2021-12-30T18:25:07","date_gmt":"2021-12-30T18:25:07","guid":{"rendered":"https:\/\/personalloans.net\/?p=239"},"modified":"2022-01-03T18:38:52","modified_gmt":"2022-01-03T18:38:52","slug":"what-to-do-once-mortgage-rates-go-up","status":"publish","type":"post","link":"https:\/\/personalloans.net\/index.php\/2021\/12\/30\/what-to-do-once-mortgage-rates-go-up\/","title":{"rendered":"What to do Once Mortgage Rates Go Up"},"content":{"rendered":"

What to do Once Mortgage Rates Go Up<\/strong><\/span><\/p>\n

 <\/p>\n

\n

Recently, the average 30-year fixed mortgage rate from Freddie Mac<\/em><\/a>\u00a0inched up to 3.1%, and\u00a0experts project<\/a>\u00a0rates will continue rising through 2022:<\/p>\n

\u201cThe 30-year fixed-rate mortgage was 2.9% in the third quarter of 2021. We forecast mortgage rates to increase slightly through the remainder of the year and reach 3.0%,\u00a0rising to 3.5% for full year 2022.\u201d<\/strong><\/em><\/p><\/blockquote>\n

\"What
Photo by Carlos Muza<\/a> on Unsplash<\/a><\/figcaption><\/figure>\n

If you\u2019re thinking of buying a home, here are a few things to keep in mind so you can succeed even as mortgage\u00a0<\/strong>rates rise<\/strong><\/a>.<\/strong><\/p>\n

Taking Time Off Can Be Costly<\/strong><\/h4>\n

Mortgage rates play a significant role in your home search. As rates go up, your monthly mortgage payment increases. If you\u2019re buying a home, directly affecting how much you can afford. And even the smallest increase has a large impact on your monthly payment<\/a>\u00a0(see chart below)<\/em>:\"How<\/a>With mortgage rates on the rise, you\u2019ve likely seen your purchasing power impacted already. Instead of waiting and hoping rates will fall, today\u2019s rates should motivate you to purchase now before rates increase more.<\/p>\n

Smart Buyers Can Succeed by Planning Ahead<\/strong><\/h4>\n

You can use your newfound motivation to energize your search and plan your next steps accordingly. So you\u2019re prepared to act no matter what happens with mortgage rates. One way to do that: take rising rates into consideration as part of your budget.<\/strong><\/p>\n

Danielle Hale, Chief Economist at\u00a0realtor.com,\u00a0<\/em>puts it best,\u00a0saying<\/a>:<\/p>\n

\u201cSmart buyers should consider calculating a monthly payment not only at today\u2019s rates,\u00a0but also at rates that are a bit higher<\/strong>\u00a0so that they won\u2019t be derailed by a sudden upward move<\/strong>. . . .\u201d<\/em><\/p><\/blockquote>\n

You should also be ready to act when you find the home that meets your needs. That means getting\u00a0pre-approved<\/a>\u00a0with a lender so there won\u2019t be any delays when the time arrives.<\/p>\n

The best way to prepare is to work with a trusted real estate advisor\u00a0now<\/strong>. An agent can connect you with a lender, help you adjust your search based on your budget, and be ready to act quickly when it\u2019s time to\u00a0make an offer<\/a>.<\/p>\n

In conclusion, What to do Once Mortgage Rates Go Up.<\/strong><\/h3>\n

Serious buyers should approach rising rates as a motivating factor to buy sooner, not a reason to wait. Waiting will cost you more in the long run. Contact Us<\/a> today so you can better understand your budget and be prepared to buy your home even before rates climb higher.<\/p>\n<\/div>\n\"Facebook\"<\/a>\"twitter\"<\/a>\"linkedin\"<\/a>\"rss\"<\/a>\"youtube\"<\/a>\"Facebook\"<\/a>\"twitter\"<\/a>\"reddit\"<\/a>\"pinterest\"<\/a>\"linkedin\"<\/a>\"mail\"<\/a>","protected":false},"excerpt":{"rendered":"

What to do Once Mortgage Rates Go Up   Recently, the average 30-year fixed mortgage rate from Freddie Mac\u00a0inched up to 3.1%, and\u00a0experts project\u00a0rates will continue rising through 2022: \u201cThe 30-year fixed-rate mortgage was 2.9% in the third quarter of 2021. We forecast mortgage rates to increase slightly through the remainder of the year and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[1],"tags":[30,29,28,27],"class_list":["post-239","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-housing","tag-inflation","tag-interest-rates","tag-mortgage-rates"],"yoast_head":"\nWhat to do Once Mortgage Rates Go Up - Personal Loans<\/title>\n<meta name=\"description\" content=\"What to do Once Mortgage Rates Go Up. 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