Published July 13, 2023
How Interest Rates Impact Your Colorado Springs Homebuying Decision
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As a seasoned Realtor® with over two decades of experience in the Colorado Springs real estate industry, I wanted to shed some light on how interest rates can affect your decision-making process when it comes to purchasing a new home.
In recent weeks, we've observed an increase in interest rates. While
this may not be the most favorable news in terms of mortgage payments,
it does have a potential silver lining. Higher rates could potentially
decrease competition in the market, creating an opportunity for
well-qualified buyers like yourself to secure a contract on your dream
home.
However, waiting for rates to change also carries its own
set of considerations. There are a few possible scenarios to keep in
mind:
1. Rates Could Go Up: Given the current signs of
strength in the economy, it's anticipated that the Federal Reserve may
raise rates two more times this year. If you lock in your mortgage now,
you'll benefit from a fixed rate, shielding you from potential rate
increases in the future.
2. Rates May Drop: When interest
rates drop, competition tends to increase. By locking in your mortgage
at the present rate, you'll have the flexibility to explore refinancing
options in the future, taking advantage of the market to potentially
lower your monthly payments.
3. Rates May Stay Stable: If
strong economic data continues, there's a possibility that rates could
remain in their current range for an extended period. In such a
scenario, you'll continue building equity in your home and reap all the
benefits that come with homeownership.
At the Artisan Group, we offer a range of tools and resources designed to mitigate the impact of higher interest rates and help kick your home-buying process into gear. We'd be more than happy to explore these options with you and provide guidance tailored to your specific needs.
Feel free to reach out to us at your convenience, and let's embark on this exciting journey toward homeownership together! 719-434-7525
Posted by: Derek and Mariana Wagner
The Artisan Group, Keller Williams Premier Realty
25 N. Spruce Street, #200 - Downtown Colorado Springs
Top Colorado Springs real estate agents: 719-434-7525
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