Interest Rates October 2022

Let's talk about interest rates. It seems to be a hot button topic as they should be. "Date the rate, marry the house". I'm sure you've heard that your fair share times from a lot of Realtors & lenders using it to get people past the scariness of today's interest rates and know that you can refinance when they eventually hopefully go back down.

I've used that before. I think it comes across as a little salesy because I think it ignores the fact that it's a little scary right now. Especially with the velocity and the volatility that interest rates have moved around. And that's okay. It's okay to be a little nervous.

But what I don't think is okay is to hinge your decision as to whether or not you get in the market just based on that one metric. It's a piece of the puzzle. It's not the full puzzle. And here's what I mean by that: the more important number is home affordability and that's your mortgage payment.

That's the number that you have to live with every single month. So I think what this market is now moving towards is just a more careful, thorough analysis as to whether it's the right time for you. And here's how we do that. We want to start with the end in mind, which is your monthly mortgage payment, what you're comfortable paying each month. Because when the dust settles that's the number that's going to hit you in the mouth every single month.

Reverse engineer that into a purchase price. With a good mortgage lender; boil down your needs and wants to your true needs and then using that budget number. See if there's houses out there right now that fit your needs. If so, maybe you pursue them. If not, maybe it's okay to hold on. But either way you're using the right information and the right perspective to make a good confident decision.

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