At Home With Lisa-What are the Rates Doing? How High Will They Go?

What are the rates doing?  How high will they go?  We are hearing these two questions often now.  The answer?  We don't know.  No one really knows how high they will be going up.  The Fed's did increase rates this month, March 2022 and the next rise is expected in May 2022.

But there are more things that affect the interest rate too, such as the inflation numbers are continuing to rise for the 6th month in a row.  Higher gasoline prices, food prices, housing prices as well as the crisis in Ukraine are also affecting the interest rates.

And in today's market, we can see multiple changes throughout the day, so it's very important that once you ratify a contract, touch base with your lender and try and get your rate locked in right away.

So what if you are actively home shopping but not under a contract?  If your lender has not looked at your rates in the last week or two, have them run you some updated rates.  Why?

1.  To make sure the rates haven't affected your buying power, your monthly payment budget

2.  And to make sure you qualify for the monthly payment that you are currently shopping in.

We are still in a sellers market meaning that there are a whole lot more buyers than houses available to buy right now.  Lots of competition out there.  Would you like to have an edge over the other buyers?

Contact me and we will discuss what that may be. I'm Lisa Longest with Realty Navigator. I am a full time Realtor® GRI® and PSA® in Anne Arundel and Queen Anne . I am here for all your real estate needs. If you are looking to buy, sell or question me about the market in your area, feel free to contact me. My email is LisaLongest.RE@Gmail.com and cell is 443-786-4200. 

Above information provided by:
Sherry Cash-VP of Mortgage Lending/Renovation Specialist
Guaranteed Rate NMLS ID# 217409