What You Should Do Before Interest Rates Rise

In today’s real estate market, mortgage interest rates are near record lows. If you’ve been in your current home for several years and haven’t refinanced lately, there’s a good chance you have a mortgage with an interest rate higher than today’s average. Here are some options you should consider if you want to take advantage of today’s current low rates before they rise. Sell and Move Up (or Downsize) Many of today’s homeowners are rethinking what they need in a home and redefining what their dream home means. For some, continued remote work is bringing about the need for additional space. For others, moving to a lower cost-of-living area or downsizing may be great options. If you’re considering either of these, there may not be a better time to move. Here’s why. Today’s rates are around 3%, but experts forecast rates to rise over the next few years. If the interest rate on your current mortgage is higher than today’s average, take advantage of this opportunity by making a move and securing a lower rate. Lower rates mean you may be able to get more house for your money and still have a lower monthly mortgage payment than you might expect. Waiting, however, might mean you miss out on this historic opportunity. Refinance If making a move right now still doesn’t feel right for you, consider refinancing. With the current low mortgage rates, refinancing is a great option if you’re looking to lower your monthly payments and stay in your current home. Bottom Line Take advantage of today’s low rates before they begin to rise. Whether you’re thinking about moving up, downsizing, or refinancing, let’s connect today to discuss which option is best for you. Leslie Don Wilson Realtor - ABR AHWD ALHS CIPS CNE CRS GREEN GRI MCNE SFR SRES TRLP Houston - 281-804-2291 DFW - 214-702-3447 www.TexasReBOSS.com Texas Pride Realty Group Brokered by: HomeSmart Stars