Mortgage Rates and Buying a Home
What You Should Know About Mortgage Rates
Interest rates went down a bit however have been increasing again recently. Buyers are were expecting real estate prices to decline rapidly and when that didn't happen in Palm Beach County, they are more confused. Some of our communities are seeing prices increase which is pushing many sitting on the real estate sidelines to want to enter the game again. We are seeing it with the number of showings and attendees at open houses.
If you’re thinking about pausing your home search because rates have started to go up again, you may want to rethink that decision. Why now? Compared to last years spring selling season, a hot property will have a few offers not 25-40 like we experienced in 2022. Buyers today need an agent that understands this market and can guide them in taking the right steps to allow them to get their offer accepted. We are seeing many buyers making mistakes as they are listening to national news versus an agent with years of experience.
Over the last few weeks, mortgage rates have risen. But that doesn’t mean you should delay your plans to buy a home. In fact, it could mean the opposite if you want to take advantage of less buyer competition than 2022. Let’s connect today to explore the options in our local market.