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The recent movement of mortgage interest rates is still a bargain compared to the 1980's during a recession.

In 1974 FHA Mortgage Rates went from 5% to 22.5% percent. I personally had a 22.5% FHA loan on my first house.

The recent increase in mortgage rates is a small upward bump compared to these prior rates. It is still a good time to buy a home at the current low rates because home appreciation is still projected to increase this year and next based on your location.

The objective is to get the house you can afford now and if you are financing a mortgage there are two ideas to consider to offset the current mortgage interest rates. The first is to pay the new home mortgage payment each month and then to write a separate check toward the mortgage as Principal Only. By adding a second Principal Only Payment to the mortgage will save interest off the back end of your mortgage and over time will save thousands of dollars off the overall cost of a mortgage and pay off the home quicker. 

The other idea is to a a future time say when the rates drop, to refinance your home mortgage to a lower rate. The third idea is to compare Fixed Rate Mortgages to Variable Rate Mortgages. For years I always took a Variable Rate Mortgage over a Fixed Rate any day since the loan would not readjust upward until say 5 or 7 years. So as long as there was equity in the home mortgage, it should not be a problem to refinance to a lower rate when the time came verses the cost of a Fixed Rate Mortgage.

Lately, more buyers are seeing the advantage of a variable mortgage rate now verses a higher fixed rate mortgage in the current market. Its just simple math to see the cost savings when comparing fixed to adjustable mortgage.

The phone, email and websites are now picking up pace with requests for real estate appraisals and valuations. There will be an increase in real estate market activity  directly after the 4, of July 2022. I expect both real estate agents and appraisers to be busy the last two quarters of 2022 as summer usually has the most activity with buyers looking to relocate. 

Find a Professional Lender to show different ways to finance a home. 

I will close for now with my mantra which is "Plan your Work and Work Your Plan or Someone Else Has a Plan for You. 

Good luck in finding the best rates because real estate values will continue to climb into the future.

Since there is no present over supply of bank foreclosed properties and an over supply of buyers to the market. Therefore, competition for homes will continue in the current market.