Planning to Move? You Can Still Secure a Low Mortgage Rate on Your Next Home

<article class="post-2110 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-2110"><span class="entry-date">April 21, 2021</span><div class="entry-header center-block text-center"><h1 class="entry-title">Planning to Move? You Can Still Secure a Low Mortgage Rate on Your Next Home</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=Planning+to+Move%3F+You+Can+Still+Secure+a+Low+Mortgage+Rate+on+Your+Next+Home&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fplanning-to-move-you-can-still-secure-a-low-mortgage-rate-on-your-next-home%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="Planning to Move? You Can Still Secure a Low Mortgage Rate on Your Next Home | 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/2021/04/20112920/20210421-KCM-Share-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/04/20112920/20210421-KCM-Share-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/04/20112920/20210421-KCM-Share.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>This year, mortgage rates have started to slowly climb above recent record-breaking lows. Many homeowners planning to <a href="https://www.simplifyingthemarket.com/2021/03/08/5-reasons-to-sell-your-house-this-spring-2/?a=712984-fa409495d5d70154d03a25e81e9540e2">move</a> may feel like they’ve missed the chance to score a great rate on their next mortgage. In reality, there’s still time to secure a rate far below the historic norm. Here’s why.<span id="more-44233"></span></p>
<p>After creeping up for seven consecutive weeks, average mortgage rates have dropped more <a href="http://www.freddiemac.com/pmms/pmms_archives.html">recently</a> (<em>See graph below</em>). With rates taking a slight dip over the past two weeks at the same time the inventory of houses for sale is so low, homeowners today are sitting in the <a href="https://www.simplifyingthemarket.com/2021/02/24/how-much-leverage-do-todays-house-sellers-have/?a=712984-fa409495d5d70154d03a25e81e9540e2">optimal</a> seat to sell. What’s the advantage of selling your house now? Securing a low mortgage rate on your next home.<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2021/04/20112923/20210421-MEM-Eng-1.png"><img alt="Planning to Move? You Can Still Secure a Low Mortgage Rate on Your Next Home | Simplifying The Market" class="aligncenter wp-image-44236" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/04/20112923/20210421-MEM-Eng-1.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/04/20112923/20210421-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/04/20112923/20210421-MEM-Eng-1-400×300.png 400w" width="650"/></a>To take advantage of today’s real estate market, experts are encouraging homeowners to act now before interest rates climb. Danielle Hale, <em>Chief Economist </em>at <em>realtor.com, </em><a href="https://www.realtor.com/research/video-weekly-economic-and-housing-market-update-apr-16-2021/">explains</a>:</p>
<blockquote>
<p>“<em>…mortgage rates slid for a second week … but <strong>we don’t expect rates to stay at this level for too long.” </strong></em></p>
</blockquote>
<p>Hale continues to say:</p>
<blockquote>
<p><strong><em>“For sellers</em></strong><em>, getting in early optimizes odds of a quick sale at a good price before there’s too much competition, but <strong>that means acting now </strong>… In this environment, sellers probably really can’t go wrong, and that’s especially true in the nation’s hottest housing markets where homes are selling quickly and getting the greatest number of viewers online</em>.”</p>
</blockquote>
<p>Most experts agree that rates will continue to trend upward. Sam Khater, <em>Chief Economist </em>at <em>Freddie Mac, </em><a href="https://freddiemac.gcs-web.com/node/22536/pdf">states</a>:</p>
<blockquote>
<p>“<strong><em>Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of this year</em></strong>.”</p>
</blockquote>
<p>In addition, <em>Freddie Mac</em> recently released their <a href="http://www.freddiemac.com/research/forecast/20210414_quarterly_economic_forecast.page?">Quarterly Forecast</a>, which notes:</p>
<blockquote>
<p>“<strong><em>We forecast that mortgage rates will continue to rise through the end of next year.</em></strong><em> We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.” </em>(<em>See graph below</em>):</p>
</blockquote>
<p><a href="https://files.simplifyingthemarket.com/wp-content/uploads/2021/04/20165916/20210421-MEM-EN2.jpg"><img alt="Planning to Move? You Can Still Secure a Low Mortgage Rate on Your Next Home | Simplifying The Market" class="aligncenter wp-image-44243" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/04/20165916/20210421-MEM-EN2.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/04/20165916/20210421-MEM-EN2.jpg 960w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/04/20165916/20210421-MEM-EN2-400×300.jpg 400w" width="650"/></a>While buyers everywhere want to secure the lowest rate possible, it’s important to remember that today’s rates are still much lower than the historic norm. Odeta Kushi, <em>Deputy Chief Economist</em> at <em>First American</em>, <a href="https://blog.firstam.com/economics/interview-with-cnbc-how-rising-rates-may-impact-housing-affordability-as-spring-home-buying-season-ramps-up">emphasizes</a>:</p>
<blockquote>
<p><em>“While mortgage rates have trended up in recent months, they are still historically low, so relative to one year ago, housing actually is still more affordable and that’s really thanks to this low mortgage rate environment we find ourselves in.”</em></p>
</blockquote>
<h3><strong>Bottom Line</strong></h3>
<p>If you’re thinking of moving, don’t miss the opportunity to score a great rate on your next home mortgage. Let’s connect today so you can get your house ready to sell and find your dream home while mortgage rates are still low.</p>
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