Let's be real with each other for a second about affordability. Because you deserve someone who will be honest and transparent about what’s going on, especially if you’ve got a move on your mind. After a year or more of rates trending down, they’ve started to climb again. And, if you’re looking to buy, that’s not what you want to see. But it has happened. And here’s why. Uncertainty is the enemy of mortgage rates.
And with lingering global uncertainty, ongoing tensions in the Middle East, and inflation refusing to fully cool off, there’s a lot that’s having an effect on rates. Take a look at the graph above. It’s a pretty sharp contrast from where we’ve been, in a relatively short window. And it's probably making you wonder: Should I just wait this out? Will rates fall when the uncertainty eases?
It's possible. But it all depends on how the ongoing geopolitical conflict plays out and whether inflation continues to run hot afterwards – and for how long. Rates probably aren't heading down until both of those things improve. And even when that does happen, experts agree rates likely won’t be dramatically lower – maybe in the low to mid-6s. That's the reality, and it's worth knowing.
So, should you wait for lower rates? The general consensus is, if you can afford to buy and you find a home you like, it’s still worth it. Because no one knows for sure when rates will start to come back down – and how long do you really want to put your life on hold?
Additionally, in many areas of DFW, buyers finally have more choices. That means less competition, more negotiating power, and more time to find the home that actually fits your life, not just the one you had to grab before someone else did.
And that gives you a chance to hopefully find something that works for your budget, even with today’s rates. At the same time, you're not losing ground pricewise while you take time to make a careful decision.
Want to run the real numbers for your situation? Let's talk. Reach out and let's set up a quick, no-pressure conversation.
