Higher mortgage rates may prompt potential homebuyers to decide whether to buy now or act later.
Bad news, prospective home buyers: mortgage rates have eclipsed 7% for the first time in 2024.
“As rates trend higher, potential homebuyers are deciding whether to buy before rates rise even more or hold off in hopes of decreases later in the year,” Freddie Mac Chief Economist Sam Khater said in a news release.
He added, “It remains unclear how many home buyers can withstand increasing rates in the future.”
The current conditions may indeed have some prospective buyers questioning whether to buy now before rates climb higher or wait to see if they fall. While experts don’t provide a definitive answer, they say a decision may simply be driven by a person’s financial position and whether buying now works for them budget-wise.
He says another cost-saving option Black homebuyers should consider is energy-efficient mortgages.
With rates likely to continue rising, now might be a good time to consider options to help offset those costs. This report offers some ways to save money and restrain rising mortgage rates.
Source: Black Enterprise
