Stay Patient When Mortgage Rates Are Changing

November 06, 2020 by Dan Green

A mortgage rate reversal is hitting hard at today’s buyers.

Mortgage rates have surged over the last ten days, wiping out early-year gains and pushing thirty-year fixed-rate mortgage rates to new, 4-year highs.

The typical home buyer now spends an additional $55 per month for every $200,000 borrowed to buy a house, and moves like that affect home affordability.

The answer to “How much home can I get approved for?” is falling and, for some home buyers, that will mean the difference between qualifying for a mortgage, and not-qualifying.

But, should you rush to buy a home just because mortgage rates are rising? No, you should not.

Because mortgage rates are unpredictable.

On some days, mortgage rates rise; and, on other days, mortgage rates fall. There are days when rates do both. And, because rates are made on Wall Street, anything can happen.

There have been days when mortgage rates change 5 times in six hours. There have been weeks when rates barely budge. As a home buyer, you can’t know what kind of market you’re in. You can’t know what tomorrow has planned.

So, don’t let rising mortgage rates create pressure to change your timeline; just like you wouldn’t for falling rates. You can only make the best of what mortgage rates are today and, for today’s live rates, talk with a loan officer to get a mortgage rate quote.

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