Mortgage rates are on the rise, leading many to jump into the home buying market sooner rather than later. Rates have risen again to over 5%, a full percentage point higher than they were two months ago.
Still, these rates are bargain basement compared to how they were just a few years ago. Many home buyers who have been waiting or making a prolonged decision should reconsider; most likely the mortgage rates will continue to rise resulting in a higher necessary down payment and obviously monthly payments.
New home buyers may find themselves frustrated since many spend years saving for the down payment, but 5% now is better than 7% six months from now.
Since this trend is most likely to continue, those considering purchasing real estate should accelerate their plans.