How To Approach Rising Mortgage Rates as a Buyer

<article class="post-264901 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-264901"><span class="entry-date">April 20, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">How To Approach Rising Mortgage Rates as a Buyer</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=How+To+Approach+Rising+Mortgage+Rates+as+a+Buyer&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fhow-to-approach-rising-mortgage-rates-as-a-buyer%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="How To Approach Rising Mortgage Rates as a Buyer | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/04/18153316/20220420-KCM-Share-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/04/18153316/20220420-KCM-Share-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/04/18153316/20220420-KCM-Share.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>In the last few weeks, the average 30-year fixed mortgage rate from <a href="http://www.freddiemac.com/pmms/"><em>Freddie Mac</em></a> inched up to 5%. While that news may have you questioning the timing of your home search, the truth is, timing has never been more important. Even though you may be tempted to put your plans on hold in hopes that rates will fall, waiting will only cost you more. <a href="https://www.simplifyingthemarket.com/2022/03/30/whats-happening-with-mortgage-rates-and-where-will-they-go-from-here/?a=712984-fa409495d5d70154d03a25e81e9540e2">Mortgage rates</a> are forecast to continue rising in the year ahead.<span id="more-46346"></span></p>
<p><strong>If you’re thinking of buying a home, here are a few things to keep in mind so you can succeed even as </strong><a href="https://www.simplifyingthemarket.com/2022/04/13/where-are-mortgage-rates-headed/?a=712984-fa409495d5d70154d03a25e81e9540e2"><strong>mortgage rates</strong></a><strong> rise. </strong></p>
<h4><strong>How Rising Mortgage Rates Impact You</strong></h4>
<p>Mortgage rates play a significant role in your home search. As rates go up, they impact how much you’ll pay in your monthly mortgage payment, which directly affects how much you can comfortably afford. Here’s an example of how even a quarter-point increase can have a big impact on your <a href="https://www.mortgagecalculator.net/">monthly payment</a> (<em>see chart below</em>):</p>
<p><a href="https://files.simplifyingthemarket.com/wp-content/uploads/2022/04/18153314/20220420-MEM-Eng-1.png"><img alt="How To Approach Rising Mortgage Rates as a Buyer | Simplifying The Market" class="aligncenter wp-image-46347" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/04/18153314/20220420-MEM-Eng-1.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/04/18153314/20220420-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/04/18153314/20220420-MEM-Eng-1-400×300.png 400w" width="650"/></a></p>
<p>With mortgage rates on the rise, you’ve likely seen your purchasing power impacted already. <strong>Instead of delaying your plans, today’s rates should motivate you to purchase now before rates increase more.</strong> Use that motivation to energize your search and plan your next steps accordingly.</p>
<p><strong>The best way to prepare is to work with a trusted real estate advisor now</strong>. An agent can connect you with a trusted lender, help you adjust your search based on your budget, and make sure you’re ready to act quickly when it’s time to make an offer.</p>
<h3><strong>Bottom Line</strong></h3>
<p>Serious buyers should approach rising rates as a motivating factor to buy sooner, not a reason to wait. Waiting will cost you more in the long run. Let’s connect today so you can better understand your budget and be prepared to buy your home even before rates climb higher.</p>
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