The Truth About Mortgages
We’ve been hearing from clients who are concerned about mortgage interest rates. We’d like to offer some reassurance from the front lines. After all, we’re still helping homeowners and homebuyers every day.
While interest rates have risen recently, it’s important to remember they are coming up from historic lows. No one ever thought we’d see mortgage rates in the 2s, but average rates for some mortgage products dropped just that low as extraordinary steps were taken to keep the economy afloat during the pandemic.
You might say that we’re getting what everyone wanted back then – a return to normal.
But in the case of mortgage rates, the new normal is even better than it was before. Current rates are still below the 50-year average and dramatically lower the highs reached in the early 1980s.
Be assured that our industry has learned a lot over the last couple of decades. We have developed many safe programs to get homebuyers into the homes they want and help homeowners access cash from equity, even when rates are higher than they’d like.
Don’t let rate concerns lock you out of home financing. Instead, consider locking in a rate and payment now.
You’ll be glad you did if rates rise even higher in the future. And if they fall again? A refinance may save you even more.
We follow rates and the markets every day. When you have questions, please reach out to your local BankSouth Mortgage lender. We’ll be glad to help.
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