Just read an article this morning about mortgage rates creeping back up to levels we haven't seen in like 20 years. Apparently, the average 30-year fixed rate is now hovering around 7.5%, which honestly made me choke on my coffee a little bit. I mean, I knew things weren't great, but jeez...7.5%?
My sister refinanced her house a couple years ago at something ridiculous like 2.9%, and now she's smugly reminding me how smart she was (thanks, sis 🙄). Meanwhile, I'm sitting here wondering if I'll ever be able to afford a decent home if rates keep climbing like this.
Curious if anyone else saw this news or if you're dealing with this personally. Are these rising rates changing your plans about buying or refinancing? Or maybe you're just waiting it out and hoping things settle down eventually...
I get why 7.5% sounds scary, but honestly, mortgage rates aren't everything. When we bought our first place years ago, rates were around 6.8%, and we still managed fine by focusing on affordability—smaller home, bigger down payment, and budgeting carefully. Sure, your sister got lucky refinancing at 2.9%, but timing the market perfectly is rare. Maybe instead of waiting for rates to drop, consider adjusting expectations or exploring less competitive neighborhoods? Worked out pretty well for us in the long run...
