The First Time Home Buyer Shouldn’t Fear Higher Mortgage Rates

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First time home buyer fears of a housing market crash or even just a gradual fall in house prices haven’t been enough to put them off from getting a foot in the housing market.

hUifzi4U3gMTAvp$ Learn more

Interest rates have started climbing back from where they’ve dwelled for the last decade. The Mortgage Reports website stated that mortgage rates on a 30-year fixed mortgage were 5.25% in mid-May.

This rate is over 2% higher than when they were at their lowest in 2020— and that increase spooks first-time homebuyers hoping to get into a house in 2022.

hUifzi4U3gMTAvp$ Learn more

Mortage Rates and the First Time Home Buyer

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How Much do Mortgage Rate Increases Affect Mortgage Payments?

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An online mortgage payment calculator can help put into perspective how a mortgage interest increase impacts your monthly payment would be.

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Should The First Time Buyer Go Ahead with Their Plan?

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After all, you can’t go back in time and secure previous rates. No one knows the future, but it’s likely cheaper to buy a house now than it may be over the next few years.

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The First Time Home Buyer Shouldn’t Fear Higher Mortgage Rates

Pulse of Pride

First time home buyer fears of a housing market crash or even just a gradual fall in house prices haven’t been enough to put them off from getting a foot in the housing market.

Interest rates have started climbing back from where they’ve dwelled for the last decade. The Mortgage Reports website stated that mortgage rates on a 30-year fixed mortgage were 5.25% in mid-May.

This rate is over 2% higher than when they were at their lowest in 2020— and that increase spooks first-time homebuyers hoping to get into a house in 2022.

Mortage Rates and the First Time Home Buyer

The question is, should they be? Are these rising mortgage interest rates a reason to hold off on buying a home?

How Much do Mortgage Rate Increases Affect Mortgage Payments?

“A rate change of half a percent (.5%) can reduce your purchasing power." - Alonzo Stanley

An online mortgage payment calculator can help put into perspective how a mortgage interest increase impacts your monthly payment would be.

Should The First Time Buyer Go Ahead with Their Plan?

If you’ve previously decided the time is right, don’t let the recent interest rate increase derail your plans.

After all, you can’t go back in time and secure previous rates. No one knows the future, but it’s likely cheaper to buy a house now than it may be over the next few years.

Swipe up now to read the full post!

READ MORE