Think Twice Before Waiting for 3% Mortgage Rates

Low mortgage rates were one of the big stories of 2021. But now that we’re in a new year, those rates are on the rise. If you’re thinking about buying a home in Spokane, don’t wait for 3% mortgage rates to come around again. Here's why.

Inflationary Pressures Easing

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.

Don't Bank On Record Lows Again

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. Rather than waiting and hoping for rock-bottom prices, it pays off more in the long run to take advantage of today's low but still manageable interest rates. Plus, with so many homes available right now, there's no need to wait and hope for further savings when looking at your options today could get you more bang for your buck tomorrow!

Buying Now Could Benefit You Big Time

The bottom line is this: waiting around won't get you anywhere when it comes to buying a home in Spokane today. Instead of procrastinating and hoping for near-zero interest rates like we experienced last year - which experts say won't happen again anytime soon - it's best to start looking now and take advantage of what's available today! With housing inventory levels being higher than normal right now due to pandemic-related delays and fewer people entering the market over the past year or so, there are plenty of great deals out there that could benefit you big time if you take action now!

Home buyers in Spokane should think twice before waiting for 3% mortgage rates again – they may never come back! To maximize your savings and get more house for your money while also taking advantage of current low-but-still-manageable interest rates, don't wait any longer; start searching now! Take action today by beginning your house hunt instead of procrastinating – it could be worth thousands!