Knowing the best time to buy a house is critical, particularly for your budget. This is because as the market changes, it can shift in and out of your favor, costing you less money for a home one year and more money the next.
So what does this year look like for prospective homebuyers?
As with any year, there have been mortgage rate fluctuations in 2019. If you’re in the process of buying a home, don’t let this scare or intimidate you. According to data and speculations, mortgage rates are going down, some as low as 3%! Whether the rate will continue to fall is anyone’s guess, but there are some indications that the rate will fluctuate even more before the year’s end.
When should I lock in an interest rate?
Keeping in mind that rates may change, the current mortgage rate forecast for 2019 suggests you should lock in an interest rate now if you can. Locking in while the rate is low is going to be more cost effective for you. While it may cost you more to make finalizations sooner, just remember that it will cost you less in the long run because of the lower interest rate.