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Brea Real Estate, La Habra Real Estate, Orange County

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Here is why waiting for low interest rates is a bad idea…

Think Twice Before Waiting for 3% Mortgage Rates

Think Twice Before Waiting for 3% Mortgage Rates | MyKCM

Last year, the Federal Reserve took action to try to bring down inflation. In response to those efforts, mortgage rates jumped up rapidly from the record lows we saw in 2021, peaking at just over 7% last October. Hopeful buyers experienced a hit to their purchasing power as a result, and some decided to press pause on their plans.

Today, the rate of inflation is starting to drop. And as a result, mortgage rates have dipped below last year’s peak. Sam Khater, Chief Economist at Freddie Mac, shares:

“While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.”

That’s potentially great news if you’re a buyer aiming to jump back into the housing market. Any drop in mortgage rates helps boost your purchasing power by bringing down your expected monthly mortgage payment. This means the lower mortgage rates experts forecast this year could be just what you need to reignite your homebuying goals.

While this opens up a window of opportunity for you, remember: you shouldn’t expect rates to drop back down to record lows like we saw in 2021. Experts agree that’s not the range buyers should bank on. Greg McBride, Chief Financial Analyst at Bankrate, explains:

“I think we could be surprised at how much mortgage rates pull back this year. But we’re not going back to 3 percent anytime soon, because inflation is not going back to 2 percent anytime soon.”

It’s important to have a realistic vision for what you can expect this year, and that’s where the advice of expert real estate advisors is critical. You may be surprised by the impact even a mild drop in mortgage rates has on your budget. If you’re ready to buy a home now, today’s market presents the opportunity to get a more affordable mortgage rate, find your dream home, and face less competition from other buyers.

Bottom Line

The recent pullback in mortgage rates is great news – but if you’re ready to buy now, holding out for 3% is a mistake. Work with a local lender to learn how today’s rates impact your goals, and let’s connect to explore your options in our area.

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About Us

BREA’S BEST REALTOR & TOP REO AGENT

Listing and selling real estate since 1990. Pat Owen’s Brea office is located within a few miles of four different county lines: Orange County, Los Angeles County, Riverside County and San Bernardino County. This allows him to service 100’s of cities with ease. He and his staff are well versed in all aspects of real estate listing and sales including: REO, short sales, probate, trustee sales, auctions and standard sales. Call Pat today at 888-PAT OWEN (888-728-6936) for all of your real estate needs. His Newport Beach office specializes in beachfront homes and services the OC coastline as well as South Orange County.

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Serving The Following Cities:

Alhambra, Aliso Viejo, Aliso Viejo, Alta Loma, Anaheim, Anaheim Hills, Arcadia, Arlington, Artesia, Artesia, Azusa, Baldwin Park, Bell, Bell Gardens, Bellflower, Belmont Shore, Bixby Knolls, Brea, Bristol, Brookhurst Center, Buena Park, Cabrillo, Canyon Lake, Carson, Cerritos, Charter Oak, Chino, Chino Hills, City of Commerce, City of Industry, Claremont, Corona, Costa Mesa, Covina, Cudahy, Diamond Bar, Dominguez , Downey, East Los Angeles, El Monte, El Toro, Etiwanda, Federal, Fountain Valley, Fullerton, Garden Grove, Gardena, Glendale, Guasti, Hacienda Heights, Harbor City,
Hawaiian Gardens, Hazard, Holiday, Huntington Beach, Huntington Park, Inglewood, Irvine, Irwindale, La Habra, La Habra Heights, La Mirada, La Puente, La Verne, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Elsinore, Lake Forest, Lakewood, Long Beach, Los Alamitos, Los Angeles, Los Nietos, Mesa Center, Mira Loma, Mission Viejo, Monrovia, Montclair, Montebello, Naples, Newport Beach, Norco, North Long Beach, Norwalk, Olinda, Ontario, Orange, Paramount, Pasadena, Pico Rivera, Placentia, Pomona, Quail Valley, Rancho Cucamonga, Rancho Santa Margarita, Riverside, Rosemead, Rossmoor, San Clemente, San Gabriel, San Juan Capistrano, Santa Ana, Santa Fe Springs, Santa Margarita, Seal Beach, Signal Hill, South Gate, South San Gabriel, Sun City, Sunkist, Torrance, Trabuco Canyon, Tustin, Upland, Villa Park, Vista del Mar, Walnut, Walnut Park, West Covina, Westminster, Whittier, Yorba Linda

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