Difficult Conversations around Rising Rates
As you may have seen in the news recently, the Federal Reserve has been raising interest rates in an attempt to help combat the highest level of inflation the U.S. has seen since the 1980s. What does this mean for you? Well, if you are in the process of refinancing your mortgage or purchasing a new home, you are certainly aware that interest rates are significantly higher than they were last summer.
As your preferred lender, there are times when almost every conversation I am having is incredibly exciting and pleasant. When I’m helping a client reduce their monthly mortgage payment through refinancing into a lower rate mortgage or helping a family close on their first home, everyone is enjoying the process. However, when we are in an environment where interest rates are rising, the conversations take on a different tone.
The difficult conversations are the ones I have been having recently - when rates are changing dramatically on a daily basis. Whether you are looking to refinance or purchase a home, the best thing to do is let me and my team know what you are looking to do, and then we can stay in touch every step of the process. We are here to help you.
Rates have risen dramatically over the past six months, but some believe that they will come back down towards the end of 2022 as inflationary pressure starts to dissipate. This means that if you have to lock in a higher rate right now, there is a good chance you will be able to refinance into a lower rate by the fourth quarter of this year.
As always, my team and I are here to help you get the best rate possible - no matter where interest rates are. Please don’t hesitate to reach out with any questions.