Interest rates are rising. Is it still a good time to buy?
May 17, 2022 | Posted by: Jeremy Wilhelm
The recent interest rate increase by the Federal Reserve has many home buyers wondering if this is still a good time to purchase real estate. While it's true that higher interest rates will result in higher monthly mortgage payments, it's important to remember that real estate is an appreciating asset. This means that over time, the value of your home is likely to go up, offsetting the effects of inflation.
Additionally, since mortgage rates are still relatively low by historical standards, you may be able to lock in a very attractive rate by working with a local broker. Working with a broker similar to Wilhelm Mortgage will allow you to shop around for the best rate, saving you time and money.
Don’t let rising interest rates scare you. Although the rates are rising, they are still at historic lows. The average 30-year rate in 1992 was over 8%. While there may be some drawbacks to buying a home in today's market, there are also still many reasons to consider making the investment.
At Wilhelm Mortgage, we work to make the home buying process as simple as possible. We partner with mortgage lenders in Omaha and beyond who share our beliefs that applying for a mortgage or financing should be fast, simple, and secure. To learn more about our mortgage process, visit jeremywilhelm.com.
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