There was a lot of speculation in late 2018 as to where interest rates would end up in 2019. Many thought that rates were incredibly volatile and that we’d see them hit 6% this year.
Well, I don’t believe that’s going to happen. In fact, the highest we’re likely to see is around 5.5%. While buyers are waiting for home prices to flatten out or drop, they fail to realize that the savings they find will be at the cost of higher interest rates. By waiting, they could end up paying more money for less home.
But yes, buyers—rates are volatile. Though they shouldn’t surpass 5.5%, you should still speak with a lender to see what you should do. Sellers, interest rate fluctuations affect you too. Who will buy your property if buyers can’t qualify for loans because rates are too high?
The best time to buy or sell may soon be ending, so I suggest you reach out to me to be put in contact with a lender, get any questions you have answered, and learn more information about your specific situation. I look forward to hearing from you soon.