According to Freddie Mac and the National Association of Homebuilders, mortgage rates are expected to hover around 3 percent this year. The National Association of Realtors projects the rate will reach 3.2 percent in 2021, and Wells Fargo believes rates will be around 2.89 percent. All these numbers are attractive for both new home buyers and those looking to refinance.
There are benefits and pitfalls to both that a knowledgeable and professional agent can communicate to put you in the best position possible.
Despite it being a seller’s market where home prices in many regions are skyrocketing, you could still manage to land the home of their dreams without breaking the bank.
However, if you aren’t up for getting into possible bidding wars, are still content in your current home, or need to squeeze some money out of your monthly budgets, refinancing can provide some benefits.
To help you clients determine whether they should buy now or refinance instead, here are some essential considerations to share.