There are a lot of folks out there trying to “time” the market. Many of you are trying to find the perfect time to buy a home when interest rates take a slight dip. No doubt it’s tough out there for both buyers and sellers right now. That might not be the best strategy. Check out this article from our friends at KCM about how to navigate these higher interest rates in today’s market. [Mortgage rates](https://www.keepingcurrentmatters.com/2023/09/06/mortgage-rates-past-present-and-possible-future/) 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](https://freddiemac.gcs-web.com/node/27781/pdf) 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](https://www.keepingcurrentmatters.com/2023/08/14/where-are-people-moving-today-and-why/). 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](https://www.keepingcurrentmatters.com/2023/09/07/get-ready-for-smaller-more-affordable-homes/). It works like this. The higher the rate, the more expensive it is to borrow money when you [buy a home](https://www.keepingcurrentmatters.com/2023/08/17/people-want-less-expensive-homes-and-builders-are-responding/). That’s because, as rates trend up, your monthly [mortgage payment](https://www.keepingcurrentmatters.com/2023/05/19/the-impact-of-changing-mortgage-rates-infographic/) for your future home loan also increases. _Urban Institute_ [explains](https://www.urban.org/urban-wire/rising-interest-rates-put-brakes-mortgage-market-borrowers-low-incomes) 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](https://www.keepingcurrentmatters.com/2023/07/03/evaluating-your-wants-and-needs-as-a-homebuyer-matters-more-today/)? #### **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](https://www.keepingcurrentmatters.com/2023/08/04/housing-market-forecast-for-the-rest-of-2023-infographic-1/) project rates will fall in the months ahead, but what the latest [data](https://www.freddiemac.com/pmms) 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](https://www.cbsnews.com/news/dont-wait-for-mortgage-rates-to-drop-do-this-instead/): > _“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](https://www.keepingcurrentmatters.com/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/), 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](https://www.keepingcurrentmatters.com/2023/06/13/your-needs-matter-more-than-todays-mortgage-rates/), want to be closer to family, or are in the middle of another big [life change](https://www.keepingcurrentmatters.com/2023/08/29/why-you-may-still-want-to-sell-your-house-after-all/), the right team can help you [achieve your goal](https://www.keepingcurrentmatters.com/2023/09/19/your-home-equity-can-offset-affordability-challenges/), 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, connect with a trusted local real estate agent. Have more questions? Call Chris Simpson today 231-215-7229 * * * ### Discover more from Muskegon Real Estate Agent, Chris Simpson,Homes For Sale, Muskegon Homes,Muskegon House For Sale, Muskegon Real Estate, West Michigan Real Estate Agent, Muskegon Realtor Subscribe to get the latest posts sent to your email. Type your email… Subscribe ### Share this: - [X](https://chrissimpsonwestmichiganrealestate.com/2023/10/24/are-higher-mortgage-rates-here-to-stay/?share=twitter&nb=1)
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