So true. It’s been a year and a half with these higher mortgage rates. The end is in sight, finally. The Fed is very close to putting a halt to raising rates. Fannie Mae, Freddie Mac and the Home Builders Association all predict mortgage rates to dip into the 5s next year.
Usually with higher rates there are lots of homes for sale. That has proved to not be the case currently. 68% of all mortgages are under 4%, so people who would usually sell to upsize or downsize are reluctant to do so. This will change next year.
In the meantime, if you find a good home, with a payment that fits, buy it! You’ll be refinancing within a year. Once rates do drop, the market will become even more competitive.
The future is bright!