Homes For Sale in Warwick | Mortgage Interest Rates Are Going Up… Should I Wait to Buy?

Did you know that you are legally obligated to tell the buyer about problems that could affect your home’s value, such as foundation damage or environmental hazards like a tendency for flooding or any other major problems with your house? ….in addition, if your home was built prior to 1978, federal law requires that you take several steps to protect the homebuyer from exposure to lead-based paint. 

This is one of the areas where having the right representation to help you sell your home, can give you peace of mind by complying with all the rules and regulations around the home selling process in New York. 

A real estate agent can help tremendously in understanding your liability and walking you through the disclosure procedures prior to putting your home on the market. 

Today, I would like to address about Mortgage Interest Rates Are Going Up… Should I Wait to Buy?

Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters. 

This has caused some purchasers to lament the fact that they may no longer be able to get a rate below 3.5%. However, we must realize that current rates are still at historic lows. 

Here is a chart showing the average mortgage interest rate over the last several decades:

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