You may have heard that inflation is on the rise – and that’s important because inflation drives interest rates.
You see, inflation erodes the buying power of the fixed return that a mortgage holder receives.
So, in order to be compensated for that more rapid rate of erosion, interest rates oftentimes rise. This means that over the summer, we could see a rise in mortgage rates. That’s why now could be an opportune time for you to buy a home before a potential rise in rates later this year.
This is also why it may be worthwhile to bid a little more on a home today to ensure your offer is accepted, rather than waiting and ending up with a little bit higher interest rate.
Let me help you with your mortgage needs so you can close on the perfect home for your family. Call or text me, Chris Graves your certified mortgage advisor, at 978-376-5389 today and let’s get started.