What does it mean to have interest rates higher?
In the world of real estate there's a buzz going around about mortgage interest rates being high. Well, the buzz you hear about mortgage interest rates being high is absolutely true.
In short, the higher the interest rates are the higher your monthly payment will be. If a year ago you went online and used a mortgage calculator and the result was $2,400/month you may end up paying $3,000/month for your mortgage instead.
Just like rental prices are skyrocketing, so are mortgages. But despite the increase in mortgage rates it's still a great time to buy. Homes aren't getting any cheaper and in my opinion the mortgage rates will go down…just…a.. tinie…Minnie…little...bit.
If feasible you might as well buy now, build equity and see what other real estate doors open for you in th
e future