Interest rates are raising every quarter of 2022. There are expectations for another increase this fall. Every increase pushes more buyers out of the pool leaving opportunities available. With more options, buyers can get into the property they want with out more money out of pocket at closing and no bidding war.
Yes, you will have a higher interest rate compared to 6 months ago. However there are many ways to view purchasing now:
1) Refinance in six months (soonest) to a year when lower interest rates are available.
2) Negotiate with the seller for concessions that you use to buy down your interest rate to an affordable price
3) Do a 2-1 buydown to have a low rate for two years before returning to the current rate.
4) This could be the lowest rates are for the next year or two and good thing buyers got in now!
It is expected that next summer rates will drop into the 4% range. This is not certain because they could continue to rise based on what the Fed decides to do early next year.
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