At first glance there seems to be a lot of doom around rising mortgage rates. However, a more balanced market benefits everyone, especially in the long-term. So it’s not all bad news! Yes, a higher interest rate will increase the cost of a loan to buy a home. However, there are many nuances to real estate and the economics behind it that can make the benefits outweigh the costs. Importantly, while interest rates are a factor in determining to sell or buy a home, they shouldn’t be the only or main factor. Keep in mind that the rates we see now are still historically low. Here are some articles for additional context around the impact of rising mortgage rates.
As always, feel free to reach out with any questions if you, or someone you know, is thinking about selling or buying a home.