“All too often, some homeowners take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, Bankrate senior economic analyst. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”
Interest rates have become the biggest concern of future homeowners. The past week has been a wake-up call for future homeowners who had been waiting to buy. Although you may think that you should wait, the reality is that the two best times to buy a home were this past year and today. You can see the average rates for a 30-year fixed-rate mortgage according to Freddie Mac, 30-Year Fixed Rate Mortgage Average in the United States [MORTGAGE30US], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MORTGAGE30US, June 22, 2022.
The bottom line is either way you're paying a mortgage if you're renting a home or buying one. The only question you have to answer is if you want to pay your own mortgage or someone else's. The best thing for future homeowners is to take the time to find the best rate, get pre-approved, and find the home of your dreams. Refinance options will be available for most homeowners.