Did you hear? Rates have actually dropped again (somewhat unexpectedly due to renewed Covid fears). The average 30 year rate is now 2.78%, down from 3.18% back in April. Most experts do expect rates to edge upward again by year’s end, largely in an effort to alleviate some of the strain on the severe inventory shortage. Ultimately, it will likely be increasing mortgage rates that lead to a more balanced market as some buyers will shy away from purchasing.
But for now, it’s still a great time to buy if you can get a house under contract. Yes, it’s tough out there for buyers, but stay with it, these rates present an incredible long-term opportunity for you.