If you’re wondering what interest rates mean for your decision to purchase a home or refinance your mortgage you’re likely seeing contradicting mortgage news and wondering what it means for you. Should you buy a home? Is this a good time to buy a home because the interest rates are higher and less people may be in the market? What about refinancing? With inflation on the rise and credit card debt up, would it be the worst idea to consolidate your debt with e refinance when mortgage interest rates are almost double what they were last year?
Recent Contradicting Mortgage News
Trying to find your answers in a Google search won’t help much. Today’s news results in a Google search reveal such contradicting mortgage news results. The top 3 articles include:
- Mortgage rates jump to 6.32% by CNN
- Buyers, get moving: Today’s 30-year mortgage rates plummet below 6% by FOX Business and
- An Uptick in Mortgage Rates Sent U.S. Home Buyers Into Retreat by Mansion Global, a publication of Dow Jones & Co.
So what does this mean for you? While one of the contradicting mortgage news articles declares it is time for buyers to get their purchase loans locked in, secure those mortgages and buy now, another paints a picture of buyers running for the hills with a 1% decrease in home demand, according to a Redfin index.
So If you’re in the market to buy a home, should you wait? If you want to refinance to consolidate debt or do a home improvement loan, should you hold off until the rates come down? What does this news about mortgage rates mean for your situation?
Cleveland Mortgage Has the Answer
Although several articles and mortgage experts will claim to have the answers for you, the truth is each situation is different. Depending on your credit, your income, your cash reserves and your objectives, it’s possible that this is the best time to get a purchase loan or a refinance right now. It’s also possible that when we crunch the figures and work the math, that you should wait until rates decrease, or buy the rate down. Because each situation is so unique, the mortgage rate alone does not dictate whether you should act now or wait. Contact the loan officers at Cleveland Mortgage. Our loan officers will help you figure out your options, work the finances and help you determine what all the contradicting mortgage news means for your situation.  With no application fee and local mortgage experts, a call to Cleveland Mortgage Corporation will provide the most clarity.