inception-app-prod/ODc3Y2E5ZGItYThiNi00Y2UzLTg5MmYtNWQ2Yzk5MzcyYmUx/content/2021/05/BarrentineGroupLogo_2021-02.png
inception-app-prod/ODc3Y2E5ZGItYThiNi00Y2UzLTg5MmYtNWQ2Yzk5MzcyYmUx/content/2020/07/kwluxurylogo.png
  • Meet Our Team
  • Our Blog
  • Listings Search
    • Featured Listings
  • Seller and Buyer Resources
    • Seller Resources
    • Buyer Resources
  • Testimonials
  • Giving
  • Videos
  • Contact us
Barrentine Group
310.276.6656
info@barrentinegroup.com
Sign In
Sign Up
inception-app-prod/ODc3Y2E5ZGItYThiNi00Y2UzLTg5MmYtNWQ2Yzk5MzcyYmUx/content/2021/05/BarrentineGroupLogo_2021-02.png
inception-app-prod/ODc3Y2E5ZGItYThiNi00Y2UzLTg5MmYtNWQ2Yzk5MzcyYmUx/content/2020/07/kwluxurylogo.png
  • Meet Our Team
  • Our Blog
  • Listings Search
    • Featured Listings
  • Seller and Buyer Resources
    • Seller Resources
    • Buyer Resources
  • Testimonials
  • Giving
  • Videos
  • Contact us
inception-app-prod/ODc3Y2E5ZGItYThiNi00Y2UzLTg5MmYtNWQ2Yzk5MzcyYmUx/content/2021/05/BarrentineGroupLogo_2021-02.png
inception-app-prod/ODc3Y2E5ZGItYThiNi00Y2UzLTg5MmYtNWQ2Yzk5MzcyYmUx/content/2020/07/kwluxurylogo.png
inception-app-prod/ODc3Y2E5ZGItYThiNi00Y2UzLTg5MmYtNWQ2Yzk5MzcyYmUx/content/2021/07/20210719-KCM-Share.jpg

What You Should Do Before Interest Rates Rise

inception-app-prod/ODc3Y2E5ZGItYThiNi00Y2UzLTg5MmYtNWQ2Yzk5MzcyYmUx/content/2021/05/RedGroupLogo_Circle-01.png
Barrentine Group,07/19/2021

In today’s real estate market, mortgage interest rates are near record lows. If you’ve been in your current home for several years and haven’t refinanced lately, there’s a good chance you have a mortgage with an interest rate higher than today’s average. Here are some options you should consider if you want to take advantage of today’s current low rates before they rise.

Sell and Move Up (or Downsize)

Many of today’s homeowners are rethinking what they need in a home and redefining what their dream home means. For some, continued remote work is bringing about the need for additional space. For others, moving to a lower cost-of-living area or downsizing may be great options. If you’re considering either of these, there may not be a better time to move. Here’s why.

The chart below shows average mortgage rates by decade compared to where they are today:What You Should Do Before Interest Rates Rise | MyKCMToday’s rates are below 3%, but experts forecast rates to rise over the next few years.

If the interest rate on your current mortgage is higher than today’s average, take advantage of this opportunity by making a move and securing a lower rate. Lower rates mean you may be able to get more house for your money and still have a lower monthly mortgage payment than you might expect.

Waiting, however, might mean you miss out on this historic opportunity. Below is a chart showing how your monthly payment will change if you buy a home as mortgage rates increase:What You Should Do Before Interest Rates Rise | MyKCM

Breaking It All Down:

Using the chart above, let’s look at the breakdown of a $300,000 mortgage:

  • When mortgage rates rise, so does the monthly payment you can secure.
  • Even the smallest increase in rates can make a difference in your monthly mortgage payment.
  • As interest rates rise, you’ll need to look at a lower-priced home to try and keep the same target monthly payment, meaning you may end up with less home for your money.

No matter what, whether you’re looking to make a move up or downsize to a home that better suits your needs, now is the time. Even a small change in interest rates can have a big impact on your purchasing power.

Refinance

If making a move right now still doesn’t feel right for you, consider refinancing. With the current low mortgage rates, refinancing is a great option if you’re looking to lower your monthly payments and stay in your current home.

Bottom Line

Take advantage of today’s low rates before they begin to rise. Whether you’re thinking about moving up, downsizing, or refinancing, let’s connect today to discuss which option is best for you.

Print Details
Previous post
Next post
Experts Agree: Options Are Improving for Buyers [INFOGRAPHIC]
3 Charts That Show This Isn’t a Housing Bubble

Office

Keller Williams Larchmont | Miracle Mile5150 Wilshire Blvd, Ground FloorLos Angeles, CA 90036
CalDRE License # 01207185
310.276.6656
info@barrentinegroup.com

Helpful resources

  • Home
  • Meet Our Team
  • Client Testimonials
  • Giving

Explore

  • Listings Search
  • Featured Listings
  • Buyer Resources
  • Seller Resources

Consumer Protection & Privacy

  • Accessibility
  • DMCA Compliance
For ADA assistance, please email compliance@placester.com. If you experience difficulty in accessing any part of this website, email us, and we will work with you to provide the information.
inception-app-prod/ODc3Y2E5ZGItYThiNi00Y2UzLTg5MmYtNWQ2Yzk5MzcyYmUx/content/2021/05/RedGroupLogo_2021-02%281%29.png
inception-app-prod/ODc3Y2E5ZGItYThiNi00Y2UzLTg5MmYtNWQ2Yzk5MzcyYmUx/content/2020/07/logo-2.png

© 2022 All rights reserved

Created with Placester

Sign in

Sign in with your email address

Sign In
Forgot your password?
Create an account
You have been successfully logged in
The page will reload automatically.
Go to the homepage
Sorry something went wrong
Login or password are incorrect. Please try again.
Try again

Sign Up

Sign Up
Already a User? Sign In
You have been successfully registered
Please check your email.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Reset password

Enter your email address

Reset password
Return to Log In
Reset password email has been sent.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Change password

Change password
Your password has been successfully reset.
Go to the homepage
Sorry something went wrong
Please try again.
Try again
Send
Succes! Your message was sent!
Thank you for visiting RED Real Estate Group. "Helping you make wise real estate decisions"
Back to homepage
Oops! Error occurred.
Please try again.
Back to form
Already a User? Sign In

Account verification in progress

Please wait...

Account Verified!

You may now log in into your account
Go to the homepage

Verify your email address

In order to log in to your account, you need to confirm your email address. Please check your inbox!
Go to the homepage

Share this listing

Copy Link