Mortgage Rates are Creeping Up
Even as mortgage rates creep up, with today's fixed-rate 30 year average at 3.38% they are still incredibly low by any measure, but the panic days of the pandemic may be in our rear view. Looking back, it was only in January of 2021 that rates dropped to the lowest ever recorded levels, and while they have risen to near pre-pandemic levels, the Fed does not expect them to go much higher. As vaccinations increase and stimulus money is falling from the sky, rates have reacted accordingly.
The "wild card" in all of this will be inflation, which has already begun to rear it's head, and the manner in which the Fed and the overall market react to it. Just a quick note, many would have you believe rising prices are a sign of a healthy economy. That's not always the case, and is certainly not the case here. Regardless, rates will continue to fluctuate but those variations will not be dramatic according to the Fed. As the more pressing matter remains inventory, it's best to contact your Realtor® to continue to work on finding avenues to locate potential properties, and be sure to have a pre-Approval from a Mortgage banker because when you find the right place, not having proof of funds or funding could lead to someone else getting your property!
Of course, a way to avoid potential multiple offers, waiving inspections, appraisals, and in many cases giving away the farm is to shop where no one else is looking. That's where PropertyGuerilla.com comes in, discretely broadcast your Want to Buy or Want to Rent needs to a wide audience, because when the inventory is low, changing the way you search also helps you to create your own inventory! Sometimes the best deals are the ones no one else knows about.
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