Hope Leitner, Realtor®, CRS

  Chances are you’re hearing a lot about  mortgage rates  right now. You may even see some headlines talking about last week’s  Federal Reserve  (the Fed) meeting and what it means for rates. But the Fed doesn’t determine mortgage rates, even if the headlines make it sound like they do. The truth is,  mortgage rates  are impacted by a  lot of factors : geo-political uncertainty,  inflation  and the economy, and more. And trying to pin down when all those factors will line up enough for rates to come down is tricky. That’s why it’s generally not worth it to try to  time the market . There’s too much at play that you can’t control. The best thing you can do is control the controllables.   And when it comes to rates, here’s what you can influence to make your moving plans a reality.   Your Credit Score Credit scores can play a big role in your mortgage rate. As an article from CNET explains: “ You can’t control the economic factors influencing interest rates.   But you can get the best ra

Inflation devalues the purchasing power of money and the interest earned on savings is almost always less than inflation.   Tangible assets like your home consistently become more valuable over time.   In inflationary periods, a home is a good investment and a hedge against inflation. Borrowing money at fixed rates during times of inflation can be very advantageous...like buying a home.   The rate stays the same over the term of the mortgage and so does the payment instead of going up at the rate of inflation. In September 2022, rents rose by 7.2% according to NAR Chief Economist, Lawrence Yun and "rents are accelerating to higher figures with each passing month."   The annualized rate for this year is 10.6%.   Buying a home allows you to avoid rent increases while enjoying property appreciation. The housing shortage that is fueling the price appreciation, as well as increases in rent, is something that has existed for over ten years, yet American home building