As we enter the fourth quarter of 2013, mortgage rates are climbing up towards 5.0 percent—does this mean that it’s time to pull the trigger on that Indian Wells real estate?
As both inflation and home prices rise, it’s time for many prospective buyers to make some decisions. The days of the 3.50 percent, 30-year fixed rate mortgage may draw to a close sooner than later, so for many who don’t want to pay more later, it may be the most ideal time to buy. Whether you’re looking at the luxury international real estate market or at properties in your home town, if buying now means saving more later, that should be plenty of motivation.
According to Freddie Mac, rates are currently at about 4.20 percent. While they have declined somewhat in recent weeks, some are forecasting that they could rise close to 4.50 percent by the close of the year. Some experts worry that we could see rates rise even higher than 5.0 percent during 2014. If you are currently in the market for Indian Wells real estate, it may be time to jump off the fence now, while rates are still reasonable.
Buying a home can be one of the biggest and most important commitments and financial investments of your life. Obviously, it’s best to wait for the right time for you and your family to be ready to make such a move. However, keep in mind that rates will most likely rise in the very near future. Whether you’re considering international real estate properties or something on the domestic front, it may be worth it to do the math and determine the difference in what your potential mortgage payments and total costs will be if you buy now or later. There’s nothing worse than missing a great opportunity to buy at the lowest price possible.
image: blog.foreclosure.com
