Leave a Message

Thank you for your message. We will be in touch with you shortly.

Are Higher Mortgage Rates Here To Stay?

October 16, 2023

Real Estate Tips

Are Higher Mortgage Rates Here To Stay?

Mortgage rates have been back on the rise recently and that’s getting a lot of attention from the press. If you’ve been following the headlines, you may have even seen rates recently reached their highest level in over two decades (see graph below):  

 

That can feel like a little bit of a gut punch if you’re thinking about making a move. If you’re wondering whether or not you should delay your plans, here’s what you really need to know.   

 How Higher Mortgage Rates Impact You  

 There’s no denying mortgage rates are higher right now than they were in recent years. And, when rates are up, that affects overall home affordability. It works like this. The higher the rate, the more expensive it is to borrow money when you buy a home. That’s because, as rates trend up, your monthly mortgage payment for your future home loan also increases.  

 Urban Institute explains how this is impacting buyers and sellers right now: 

 When mortgage rates go up, monthly housing payments on new purchases also increase. For potential buyers, increased monthly payments can reduce the share of available affordable homes . . . Additionally, higher interest rates mean fewer homes on the market, as existing homeowners have an incentive to hold on to their home to keep their low interest rate.” 

 Basically, some people are deciding to put their plans on hold because of where mortgage rates are right now. But what you want to know is: is that a good strategy

 Where Will Mortgage Rates Go from Here? 

 If you’re eager for mortgage rates to drop, you’re not alone. A lot of people are waiting for that to happen. But here’s the thing. No one knows when it will. Even the experts can’t say with certainty what’s going to happen next.  

 Forecasts project rates will fall in the months ahead, but what the latest data says is that rates have been climbing lately. This disconnect shows just how tricky mortgage rates are to project.  

 The best advice for your move is this: don’t try to control what you can’t control. This includes trying to time the market or guess what the future holds for mortgage rates. As CBS News states

 “If you're in the market for a new home, experts typically recommend focusing your search on the right home purchase — not the interest rate environment.” 

 Instead, work on building a team of skilled professionals, including a trusted lender and real estate agent, who can explain what’s happening in the market and what it means for you. If you need to move because you’re changing jobs, want to be closer to family, or are in the middle of another big life change, the right team can help you achieve your goal, even now. 

Bottom Line

The best advice for your move is: don’t try to control what you can’t control – especially mortgage rates. Even the experts can’t say for certain where they’ll go from here. Instead, focus on building a team of trusted professionals who can keep you informed. When you’re ready to get the process started, let’s connect.

Explore Our Other Blogs

Stay Updated On Our Most Recent Blog Posts

Is Summer a Good Time to Sell in San Jose An Honest Look for Undecided Homeowners in Evergreen and Silver Creek

Seller's Real Estate Tips

Is Summer a Good Time to Sell in San Jose? An Honest Look for Undecided Homeowners in Evergreen and Silver Creek

Brian Ng  |  July 30, 2025

Is Summer a Good Time to Sell in San Jose? An Honest Look for Undecided Homeowners in Evergreen and Silver Creek
Real Estate Investors Near Me: Your San Jose Networking Guide

Real Estate

Real Estate Investors Near Me: Your San Jose Networking Guide

Brian Ng  |  July 30, 2025

Real Estate Investors Near Me: Your San Jose Networking Guide
Still on the Fence After Spring A Trusted Realtor’s Guide to Navigating the Summer Real Estate Market in Evergreen & Silver Creek

Real Estate

Still on the Fence After Spring? A Trusted Realtor’s Guide to Navigating the Summer Real Estate Market in Evergreen & Silver Creek

Thao Dang Pham  |  July 29, 2025

Still on the Fence After Spring? A Trusted Realtor’s Guide to Navigating the Summer Real Estate Market in Evergreen & Silver Creek
Top Real Estate Investors: Lessons from the Pros for San Jose Success

Real Estate

Top Real Estate Investors: Lessons from the Pros for San Jose Success

Thao Dang Pham  |  July 29, 2025

Top Real Estate Investors: Lessons from the Pros for San Jose Success
What Are the 4 Types of Real Estate? A Clear Guide for San Jose Investors

Real Estate

What Are the 4 Types of Real Estate? A Clear Guide for San Jose Investors

Brian Ng  |  July 28, 2025

What Are the 4 Types of Real Estate? A Clear Guide for San Jose Investors
What Does ‘Client-First’ Mean for a San Jose Realtor in the Summer Market (Evergreen & Silver Creek Perspectives)

Real Estate

What Does ‘Client-First’ Mean for a San Jose Realtor in the Summer Market (Evergreen & Silver Creek Perspectives)

Brian Ng  |  July 28, 2025

What Does ‘Client-First’ Mean for a San Jose Realtor in the Summer Market (Evergreen & Silver Creek Perspectives)

Let's Talk

You’ve got questions and we can’t wait to answer them.

FOLLOW US ON INSTAGRAM