It is no surprise to anyone that interest rates are the highest they have been in over a decade. The Federal Reserve is raising rates in order to combat inflation in the horizon. The Fed will continue to raise interest rates for the foreseeable future. I can say this because I am an expert in the industry. I have studied interest rates for over two decades, and when the Federal Reserve starts to move interest rates in a direction. They usually do not stop for about three to five years.
Why am I trying to convince you to buy a single family home? You might think it is because I am a loan officer and I want to sell you a loan. The short answer is no. I would love to close your loan and provide you with the best rate possible, but with that being saidI would give the same advice to myself. The market does not move in one direction the whole time. There are corrections along the way, no matter which way the interest rates move.
So, if you are on the fence about buying your first home, there is no better time than now. Within the next ten to fifteen weeks, the interest rates will go much higher. However, within the next ten months, the interest rates will go lower