Source: Next Advisor —
Nearly two years have gone by with record-low mortgage rates. Now, 2022 has started off with rates rising higher than pre-pandemic levels.
Don’t cancel your home purchase plans just yet. Even though rates are higher than they were last year they are still considered “normal” from a historical perspective. It was only a few short years ago where the 30-year fixed rates were in the high 5%’s.
Homebuying decisions take a lot more consideration outside of the interest rate anyway. Buying a home is about making a lifestyle choice. What’s going on in the interest rate market can influence a decision, it’s wise to not base it solely on a few basis points on a mortgage rate. Setting and sticking to a realistic homebuying budget is way more important than what rate you get.
