09/22/2022
Here's my 45 second take on mortgage interest rates:
Are they higher than a year ago? yes
Are they ever going to come back down? probably
Do the Fed Rate hikes mean mortgage rates go up too? no
Is it worth it to wait for the interest rates to come down? not really
Why not? Historically, San Antonio homes have appreciated by 3% year over year. If the rates drop in the next year or two, the house you could have bought now, is now more expensive.
What should I do? Buy what you can AFFORD now (there's some good deals to be had) and refinance when the rates go down.
You're literally in the "worst case scenario" right now when it comes to interest rates. In most cases, once you go under contract on a house, your rate gets locked. It can not continue to go up once you're locked in. As long as you can afford the house, buy it, wait for the rates to go down, and refinance before the house gets more expensive down the line. Gain the equity in appreciation and your monthly payments while you wait for interest rates to go down.
