Should I Move with Today’s Mortgage Rates?
When mortgage rates spiked in recent years, many homeowners paused their plans to move. Higher rates meant higher monthly payments for the next home. But in today’s market, more homeowners are getting used to rates and considering a move.
“Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes. Homeowners may also be slowly coming to the realization that mortgage rates aren’t going back anywhere near the rate on their existing mortgage.” – Mark Zandi, Chief Economist, Moody’s Analytics
A Bank of America study shows what factors might motivate homeowners to sell, even with rates where they are.
What Would Motivate You To Move?
Think about your reasons for moving. Is it for a dream job, a neighborhood with more amenities, extra space, a new adventure, or rental opportunities for additional income? Mortgage rates are expected to decline later this year. Waiting for rates to drop means more buyers will enter the market, increasing competition and potential prices.
Deciding whether to move now depends on today’s mortgage rates, projected changes, and what motivates your move. An expert can guide you through the decision.
Bottom Line
Homeowners are adjusting to current rates and moving forward. Let’s chat about what matters most to you and if now is the right time for your next move.
