NAR Report 6.89% Mortgage Rate with MIGUEL PEREZ Realtor®

NAR Report 6.89% Mortgage Rate with MIGUEL PEREZ Realtor®

Recently Dr. Jessica Lautz the Deputy Chief Economist & Vice President of NAR Research addressed the 30-year fixed mortgage rates rising to 6.89%.

She summed up how buying a home with 20% down at this rate, the monthly mortgage would be around $2,105 for a $400,000 home, and with 10% down, this payment becomes over $2,369 and this doesn’t even include HOA fees, insurance, maintenance, property taxes and other expenses.

She stated this 16-week high in rates is a result from the bond market responding to economic news such as government credit rating announcements and tariff discussions.

She also stated that homebuyers waiting on the sidelines for rates to drop will likely be waiting a long time, as there are no expectations for lower rates.

What does this mean for you, well… If you’re looking to buy a home,

With rates and expenses raising as they are, waiting to buy a home could end up costing you more. So, it may be wise to talk to a lender now and lock in the current rate before it goes up any higher.

If you’re thinking about selling, be aware that buyers may be negotiating for a lower purchase price, and for concessions to cover things like closing costs and other expenses that could help lower their monthly mortgage payment.

And with the direction of the current market, as a home seller it may be wise to be a little more flexible in your negotiations in order to get your home sold.

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