Hey everyone, I’m looking to buy my first house and I’ve been keeping an eye on mortgage rates. I just saw that the 30-year fixed rate is now at 7.37%. This seems pretty high to me. Is this normal? Should I wait for rates to go down before buying? I’m worried about how this will affect my monthly payments. Any advice from those who have bought recently or are in the same boat? Thanks!
As someone who’s been through the home-buying process recently, I can relate to your concerns. The current 7.37% rate is indeed high compared to recent years. However, it’s important to consider that historically, rates have been higher. Your decision shouldn’t solely be based on rates.
Consider your personal situation: job stability, savings, and long-term plans. If you find a house you love and can afford the payments, it might still be worth buying. Remember, you can always refinance if rates drop in the future.
That said, if you’re not in a rush, waiting could be beneficial. Keep saving for a larger down payment and monitor both rates and home prices. The market is always changing, so stay informed and be ready to act when the time feels right for you.
man, those rates are killer! i bought last year at 5% and thought that was bad. might wanna hold off if u can. prices could drop with high rates. but if u find ur dream house, maybe try negotiating or look into adjustable rates? good luck dude!