The answer is no. Rates and prices are both predicted to go up so waiting is not recommended. Buyers face some bigger challenges than interest rates rising in the Reno-Sparks market. We are seeing very low inventories under $400,000 which leads to multiple offers and overbidding. Buyers need to be prepared by getting pre-qualified and knowing what their max purchase price is and under what terms they are qualified. Buyers should be prepared to look at many homes and possible write multiple offers. Having an agent willing to work hard for you is key. The Shocket Team does! Reno-SparksRealEstate.com
Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.
This has caused some purchasers to lament the fact they may no longer be able to get a rate below 4%. However, we must realize that current rates are still at historic lows.
Here is a chart showing the average mortgage interest rate over the last several decades.
Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.