I came across two good articles this week that helped to put some perspective on rising interest rates, and I thought this was good info to pass along, especially to my clients starting their house hunt.

First article: 3 Months, 3 Housing Trends: Rates Rise, Prices Slow, Millennials Buy

My key takeaways from this NerdWallet article:

• Rate forecasters predict mortgage rates will remain under 5% in the fourth quarter of 2018
• Homebuyers, lock in your rate now. If you plan to buy in the next few months,  this means you can have your lender “lock in” today’s rate for 90 days, for example, which could save you lots of money over the life of your loan.
• Generally speaking, the rate of price increase is slowing nationwide. In Atlanta, many areas are still increasing rapidly, like on the Westside/Upper Westside. It depends on  the price point and neighborhood. Check out the latest Hatch Neighborhood Report to find out which neighborhoods are still experiencing price growth, and which are slowing.

Second article: Mortgage Interest Rates are Still Going Up… Should You Wait to Buy?

I think the title of this Keeping Current Matters article should be, “Mortgage Interest Rates are Still Going Up… Yet, it’s Still Really Cheap to Buy.” The “bottom line” is, even though the historically low rates are gone, you can still get a much better interest rate than people did 10, 20, 40 years ago. And, don’t wait to buy in the hopes rates will fall again, because they won’t anytime soon.

I hope you found this helpful! Feel free to reach out anytime with questions about buying a home. 

Best,

Michelle