Marry the House and Date the Rate

When it comes to mortgage interest rates it’s true we’ve seen the highest increase in the shortest period of time in almost a decade.And yes, to many, this may sound staggering but we have to remember this isn’t permanent. There’s no telling where rates might be one, two, or six months out. We are actually are still in low-interest rate territory when you consider where rates have been historically. What many buyers don’t consider is that interest rates are always in flux, so there’s no real way to predict their path from one month to the next. But we have the experience, statistical history,  and we committedly follow the experts for you so you have the best data available allowing you to make informed decisions about your housing plans.

Trying to catch the perfect rate should never deter you from owning your dream home! In fact, you will often hear lenders and realtors say, “Marry the house, date the rate.”Which simply means, don’t let interest rates deter you. You can always refinance when rates go down again. But, there’s nothing you can do if rates continue to increase, other than watching your affordability sink lower. Do you let a 20+ % interest rate deter you from owning a credit card or two? If you find that perfect house, don’t wait to get it. Even if the rate isn’t what you’d hoped, there are always opportunities to modify your loan in the future. Just make sure your monthly payment is comfortable!

The bottom line - In this still VERY low inventory market, the perfect home is sometimes hard to come by. If you find it, don’t be short-sighted and let a short-term problem like interest rates deter you from taking that step into home ownership.

So yes! Marry the house, and date the rate!