Should I Move with Today’s Mortgage Rates?

<article class="post-1002967 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1002967"><span class="entry-date">April 10, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">Should I Move with Today’s Mortgage Rates?</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Should+I+Move+with+Today%E2%80%99s+Mortgage+Rates%3F&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fshould-i-move-with-todays-mortgage-rates%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Should I Move with Today’s Mortgage Rates? Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20240410-Should-I-move-with-today-s-mortgage-rates.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width=""/>
<p>When <a href="https://www.simplifyingthemarket.com/2024/03/12/what-mortgage-rate-do-you-need-to-move/" rel="noopener noreferrer" target="_blank">mortgage rates</a> spiked up over the last few years, some homeowners put their plans to move on pause. Maybe you did too because you didn’t want to sell and take on a higher mortgage rate for your next home. But is that still the right strategy for you?</p>
<p><span style="color: black;">In </span><a href="https://www.simplifyingthemarket.com/2024/03/15/the-latest-trends-in-housing-infographic/" rel="noopener noreferrer" target="_blank">today’s market</a><span style="color: black;">, data shows more homeowners are getting used to where rates are and thinking it may be time </span><a href="https://www.simplifyingthemarket.com/2024/03/14/why-todays-sellers-market-is-good-for-your-bottom-line/" rel="noopener noreferrer" target="_blank">to move</a><span style="color: black;">. As Mark Zandi, Chief Economist at </span><em style="color: black;">Moody’s Analytics</em><span style="color: black;">, </span><a href="https://www.realtor.com/news/trends/2024-spring-housing-market-predictions-home-buyers-sellers/" rel="noopener noreferrer" target="_blank">explains</a><span style="color: black;">:</span></p>
<blockquote><p><em>“Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes. </em><strong><em>Homeowners may also be slowly coming to the realization that mortgage rates aren’t going back anywhere near the rate on their existing mortgage.</em></strong><em>”</em></p></blockquote>
<p>A <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2023/12/bofa-report-shows-fewer-prospective-homebuyers-willing-to-wait-f.html" rel="noopener noreferrer" target="_blank">recent study</a> from <em>Bank of America</em> sheds light on some of the things homeowners say would make them <a href="https://www.simplifyingthemarket.com/2024/03/06/why-access-is-so-important-when-selling-your-house/" rel="noopener noreferrer" target="_blank">sell</a>, even with rates where they are right now (<em>see visual below</em>):</p>
<p><a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240404/20240410-What-Would-Make-Homeowners-Sell.png" rel="noopener noreferrer" target="_blank"><img alt="a group of blue and white icons" decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240404/20240410-What-Would-Make-Homeowners-Sell.png"/></a></p>
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<h4><strong>What Would Motivate You To Move?</strong></h4>
<p>Now that you know why other people would move, take a minute to think about what would make a move worth it for you. Is it time to take a chance and go for your dream job, even though it’s not local? Are you looking for a neighborhood that has more to offer and a close-knit sense of community? Maybe you just need more space, you’re looking for your next great adventure, or you want a house that opens up rental opportunities to pad your income.</p>
<p>And here’s something else to consider. Mortgage rates are still expected to <a href="https://www.simplifyingthemarket.com/2024/03/26/whats-the-latest-with-mortgage-rates/" rel="noopener noreferrer" target="_blank">go down</a> over the course of the year. And once that happens, there’s going to be a big rush of buyers jumping back into the market. While you could delay your plans until rates drop, you’ll only have more competition with those buyers if you do.</p>
<p><strong>So, does that mean it’s worth it to move now, even with rates where they are? The answer is: that it depends. </strong></p>
<p>You’ll want to consider today’s mortgage rates, where they’re expected to go from here, and what would prompt you to want to make a change as you decide on your next steps. An expert can help with that. </p>
<h3>Bottom Line</h3>
<p>Other homeowners are getting used to rates and deciding to move. Talk to a local real estate agent to go over what matters most to you and if it’s time for you to jump back into the market too. </p>
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