The Cost of Waiting…

If you wait for a lower mortgage rate – it could cost you!

The housing market today is truly one for the record books. We’ve seen the lowest mortgage rates in HISTORY. While the rates seemed to bottom out at the beginning of 2021, the window of opportunity for buyers isn’t over yet. If you’ve been worried you missed out, be assured mortgage rates today are still worth taking advantage of.

Mortgage rates are below what they’ve been in recent decades. Buyers are still in a great position to secure a rate well below what your parents and even grandparents would have gotten in years past. The key though is acting sooner rather later.

Mortgage Rate Projections:

In late September of 2021, mortgage rates hit above 3% for the first time in months. According to experts throughout the industry, mortgage rates are projected to continue rising in the months ahead:

You might think a projected half percentage point increase isn’t substantial, but it does have an impact when you’re buying a home. When rates rise even just slightly, it affects your month-to-month payment on your home loan. See the chart below on how that works:

Based on the example above, if rates rise to 3.55%, you would pay an extra $107 each month on your monthly payment if you purchase a home around this time next year. When you’re talking about the span of a 15 or 30-year loan, that can really add up.

The rates we’re seeing right now give you a unique opportunity to afford more home for your money while keeping your monthly payment down.

If you’d like to take advantage of today’s mortgage rates, give us a call right away, we don’t want you to miss this opportunity. We are happy to help you know and understand your options! 206-866-5079 or you can email us at info@dormanteam.com