If you are thinking about buying a property, remortgaging or moving house, mortgage rates are probably somewhere near the top of your list of things to worry about.
And understandably so.
But here is the thing. Waiting for the “perfect” mortgage rate can mean waiting for a very long time. Rates move.
Property prices move. Lenders change their products. And while everyone is busy trying to predict what happens next, the right property can come along and disappear again.
So, should you wait? There is no simple answer.
If mortgage rates fall, borrowing could become more affordable for some buyers.
But if more buyers come back into the market at the same time, that can also increase competition for good properties.
And that is why I would not make the decision based on the interest rate alone.
Look at the property. Look at the price. Look at what you can comfortably afford each month.
And then look at your own plans.
If you have found the right home, the numbers work and you are planning to stay for several years, trying to perfectly time the mortgage market may not be as important as it feels.
Nobody knows exactly where rates will be in six months or a year.
What we do know is that buyers are still looking, sellers are still selling and good property still attracts attention when it is priced properly.
So, rather than asking “Will mortgage rates go down?”, perhaps the better question is:
“Does this property and this mortgage work for me today?” That is a much more useful conversation to have.
Thinking about your own property?
If you are wondering what your home could be worth, considering a move or simply want to understand where your property sits in today’s market, you can speak to one of our property experts.