If you are considering waiting for mortgage rates to drop to 3%, you should think twice before doing so. While it is possible that mortgage rates may drop to 3%, this is not guaranteed to happen. Additionally, waiting for mortgage rates to drop may cause you to miss out on other opportunities, such as lower closing costs or more favorable terms. Additionally, there are other factors to consider when choosing a mortgage, such as the type of loan, the length of the loan, the size of the down payment, and the type of interest rate. Taking all of these factors into consideration will help you make a more informed decision about the best mortgage for your situation.
Work with a local lender to learn how today’s rates impact your goals, and let’s connect to explore your options in our area.