There is very little to gain by waiting. A 5% increase in the cost of your New Home and a half point increase in your mortgage rate will increase your monthly mortgage payment 11.5%. This will sadly force some to buy less than their family had wanted.
Why wait for a lower rate? Interest rates are at historic lows. As a borrower it is important to remember that rates are unpredictable and influended by the global economy. One major event can cause rates to increase overnight.
There is a lot more to lose than there is to gain! Mortgage fees are increasing. Construction costs are escalating every month. There is that uncertainty and risk with interest rates that no one can predict with certainty.
The longer you wait to purchase a new home, the greater the chance you won’t be able to finance what your family expected.
So the question is, “Why are you waiting to buy a New Home?”