Interest Rates Are Down. Wait What? Is this the time to upsize?
January 23, 2023
5 year fixed mortgage rates have already come down more than 0.65% from their peak at the end of 2022. Don’t miss your chance to take advantage of this once in a life time opportunity upsize.
With interest rates stabilizing and home prices likely to rebound in 2023, now is a great time to consider upsizing your home. Here is why it makes sense now.
- You are buying at lower prices, so you need less down payment to upsize.
- Yes your rate is higher in the beginning, but as rates come down, you’ll take advantage of lower payments AND rising house prices.
- Lower priced homes have fallen less than higher priced homes. It’s the perfect time to make the switch.
If you wait for rates to come down significantly more, it’ll already be too late.
Knowing the estimated value of your current home will give you an idea of how much equity you have and what you can afford for a new home. The Tool below gives you a pretty accurate instant home valuation using recent sold homes. Give it a try.