64 With Mortgage Rates On The Move What Should You Do?

What goes up must come down and that includes just about everything including the real estate market. In NYC and all across the US we just experienced a very hectic and crazy seller’s market, but eventually, that ends and when it does eventually we see it evolve into a buyer's market. A buyer's market comes on due to many different reasons besides supply and demand and right now part of that is happening due to mortgage interest rates going up.  As of today when this podcast was recorded interest rates are at 5.75 and now buyers are asking with rates so high should I still buy? Today we are talking about if there are still advantages to buying even with rates higher than they have been in the recent past.

There are different ways to consider what it means when rates go up but one thing to remember is typically that means prices go down. You can always refinance when rates go back down and if you are a cash buyer it’s a great time to take advantage of lower prices. One thing to remember is that with rates going up and potentially your monthly payment going up it may affect your debt to income so you would want to consider that if you are buying a co-op.

Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com or you can email us at deniseandsharon@compass.com

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