While there are signs that the Federal Reserve's rate-hike streak may be coming to an end, it will likely take some time for mortgage rates to settle back down from recent highs. Rates for 30-year fixed mortgages in early July were above 6.8 percent, more than double their 2021 lows.
"Increased mortgage rates mean fewer home buyers are shopping relative to a year ago," says Orphe Divounguy, a senior economist at Zillow, the online real estate marketplace. "This increase also means more homeowners are staying put, which is leading to extremely low inventory and driving up prices."
Still, if you need a mortgage now, there are ways to pay less in interest.
IF YOU'RE SELLING YOUR HOME TO PURCHASE A NEW ONE
You can expect sticker shock. If you bought your home or refinanced in recent years, you're likely paying a much lower mortgage interest rate than you'll find now. That said, you may have built up substantial equity in your home during that period that you can use to offset the higher mortgage costs. Home prices in the first quarter of 2023 were up 31 percent from the second quarter of 2020. If you're able to lock in those equity gains with a sale, you can roll that profit into the next home that you purchase and take out a smaller loan.
هذه القصة مأخوذة من طبعة Fall 2023 من This Old House Magazine.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة Fall 2023 من This Old House Magazine.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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