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The Freddie Mac average 30-year fixed mortgage rate is climbing. This news may have you questioning the timing of your home search.  If you’re searching for houses for sale in Moon Township PA, timing has never been more important. You may be tempted to put your plans on hold in hopes that rates will fall.  However,  waiting will only cost you more. Mortgage rates are forecast to continue rising in the year ahead.

So you can succeed as  mortgage rates  rise, here are a few things to keep in mind if you’re thinking of buying a home.

How Rising Mortgage Rates Impact You

Mortgage rates play a significant role in your home search. They impact how much you’ll pay in your monthly mortgage payment as rates increase.  This directly affects how much you can comfortably afford. Here’s an example of how even a quarter-point increase can have a big impact on your monthly payment (see chart below):

How To Approach Rising Mortgage Rates as a Buyer | Simplifying The Market

With mortgage rates on the rise, you’ve likely seen your purchasing power impacted already. Today’s rates should motivate you to purchase now before rates increase more.  Don’t delay your plans to look for houses for sale in Moon Township PA. Use that motivation to energize your search and plan your next steps accordingly.

The best way to prepare is to work with a trusted Moon Township real estate agent. The Diane McConaghy Team with REMAX Select Realty will connect you with a trusted lender.  They can also help you adjust your search based on your budget.  The Diane McConaghy Team can also make sure you’re ready to act quickly when it’s time to make an offer.

Bottom Line

Serious buyers looking for houses for sale in Moon Township PA should approach rising rates as a motivating factor to buy sooner, not a reason to wait. Waiting will cost you more in the long run. Connect today with a top Moon Township Real Estate agent from the Diane McConaghy Team at REMAX Select Realty so you can better understand your budget and be prepared to buy your home even before rates climb higher.

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