WESTconin on Morning Connection - State of Mortgage Rates


With rates some of the highest they’ve been in years; it’s been tough for buyers to find a house at a reasonable price point. As summer comes to an end, how will the rates impact the housing market moving forward? WESTconsin's Megan Barone, Senior Mortgage Loan Originator, breaks it down on September's WEAU 13 News Morning Connection.

As summer comes to an end, how will the rates impact the housing market moving forward?

It is difficult to say what to expect with the housing market moving forward. We are still in a relatively volatile rate environment and the housing inventory is still tight. The good news for buyers is that there are reports of the rapid housing inflation we have seen over the last couple of years starting to level off to more normal levels. Hopefully, we are at or near the peak rates for this cycle.

Is now or even 2024 the right time for buyers to look for a house?

In any market, buying a home is a personal decision. Your home will likely be the biggest purchase you will make in your lifetime, so it is important to be in a good financial position before diving in. Trying to predict what might happen this year or next may not be the best strategy, as it is almost impossible to predict. If you find a home you love, fits in your budget, and meets your needs, chances it is a good time to buy. However, if you make sacrifices just to get a home, you may end up with buyers’ remorse.

In this economy, what might be the best mortgage loan option for buyers?

For best mortgage options, it varies by borrower circumstance. We have seen quite a few equity loans, but it would be best to contact a Mortgage Loan Originator to have detailed conversations about what might work best for your financing needs. WESTconsin is always here to help!

Send this blog post to someone: