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Should I wait for interest rates to fall before buying a home?



The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.

The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment:





Even a 0.5% change can have a big impact on your monthly payment. And since rates have been moving between 6% and 7% for a while now, you can see how it impacts your purchasing power as rates go down.


What This Means for You


You may be tempted to put your homebuying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go from here, and trying to time them for your benefit is tough. Lisa Sturtevant, Housing Economist at Bright MLS, explains:

“It is typically a fool’s errand for a homebuyer to try to time rates in this market . . . But volatility in mortgage rates right now can have a real impact on buyers’ monthly payments.”

That’s why it’s critical to lean on your expert real estate advisors to explore your mortgage options, understand what impacts mortgage rates, and plan your homebuying budget around today’s volatility. They’ll also be able to offer advice tailored to your specific situation and goals, so you have what you need to make an informed decision.


Bottom Line


Your ability to buy a home could be impacted by changing mortgage rates. If you’re thinking about making a move, let’s connect so you have a strong plan in place.

 

The Local Mortgage/Sales Numbers

 


 

Escambia County


Escambia

Month

Closed Sales

% Change Year Over Year

Feb 2023

345

-22.6

Jan 2023

304

-28.0

Dec 2023

375

-31.7

Nov 2022

321

-31.1%

Oct 2022

438

-15.8%

​Sep 2022

459

-13.1

Aug 2022

518

-2.1%

Jul 2022

505

-9.8%

Jun 2022

592

-3.6%

May 2022

583

16.8%

Apr 2022

522

0.2%

Mar 2022

565

2.5%

Feb 2022

446

14.4%

Information from Florida Realtors

 

Santa Rosa County







Santa Rosa County

Month

Closed Sales

% Change Year Over Year

Feb 2023

257

-35.8

Jan 2023

228

-27.2%

Dec 2023

330

-30.2%

Nov 2022

281

-31.3%

Oct 2022

331

-34.5%

Sep 2022

373

-20.1%

Aug 2022

427

-15.3%

Jul 2022

410

-20.1%

Jun 2022

492

-11.5%

May 2022

447

-4.1%

Apr 2022

421

-7.9%

Mar 2022

460

-0.4%

Feb 2022

400

9.6%

Information from Florida Realtors

 

Plum Tree Real Estate Marketing

850.221.6442







 

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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Skip Geiser LLC. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Skip Geiser LLC. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.


 

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