Nearly single day one of The JFKLiving Team agents has a conversation with a wannabe homeowner in South Jersey who wants to put off their home search because they want to "hold out for a 3% mortgage rate".
We get it — you have friends who secured a 3.2% mortgage rate when they bought a house in 2021, or maybe you've got a family member with a sweet 2.8% rate when they refinanced... and now you want that too. But… it isn’t going to happen. Not to make light of the situation, but watch this video 👇
...because the video makes an important point: reframe 7% mortgage rates as a 'normal' and reasonable mortgage rate, while a 3% rate is the anomaly. Unless we have another extreme international incident (like a worldwide pandemic) we are not going to see 3% rates again. And that’s ok…
It’s actually good! Our economy was incredibly unstable at the time, and it wasn’t sustainable. The good news, however, is that rates dropped under 7% this week for the first time in months so if you did want to grab a slightly lower rate, now is your chance.
If you want us to put you in touch with a local, vetted mortgage lender, send us a message here.
