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Interest rates are on the rise.  No, rates shouldn’t shoot up overnight.  But, consider this….  rates have gone from 2 ½ -3% for a long term fixed rate a couple of years ago, to a little over 4% now.  Rates have been creeping up over the past several months.  Even with those increases, rates remain very attractive.  However, experts say that rates will most likely continue to creep up and probably hit 5% sometime next year.

As a future homeowner, it’s a great time to build.  Lower long term fixed rates make purchasing a new home more affordable.  Now is the time to lock in your permanent mortgage before rates continue their upward trend.

If you are thinking about a new home but not sure if you have enough of a down payment, then we encourage you to talk to a lender.  Which is correct? “Save more cash for a down payment” versus “buy now at current rates?”  Certainly the more cash you are able to put down towards a new home purchase the better your equity position.  But… much more money can you actually save prior to the next interest rate hike(s)?  There are some great low down payment programs available for buyers.  It can take a long time to save more money.  By the time you think you might be in a better cash position to buy, the extra expense associated with higher interest rates may mean you can’t afford as much home.  Research is the key and we are here to assist you with the buying process however we can.

We hope you find these insights helpful as you consider a new home purchase.  We are here to assist you however we can and hope you’ll consider Pine Ridge Homes as your builder of choice!


The Pine Ridge Team


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