Bradenton, Florida – The cost of everything seems to be going up, and now mortgage rates are at their highest since the pandemic began. But financial advisor Caleb McCarty of Truvestments said there is no need to panic, as it is still close to historic lows.
McCarty said, “If you look at mortgage rates in 1981; they were at about 18 percent. And they gradually go down and down and down to what they are today.”
McCarty said that even if the 30-year mortgage rate is about 3.5 percent, that’s still really low compared to pre-COVID levels.
“Just three years ago, rates in 2019 were at 3.6% and that was a record low, so it is still a good time to buy a home,” McCarty said.
Mortgage rates have plummeted during the pandemic, and as things begin to reopen and return to normal, McCarty said it’s no surprise to see rates start to rise again.
“I think we’ll continue to see interest rates go up a little bit, but I think the surprise to everyone will be that they won’t go up that much,” McCarty said.
He said now is a good time to buy or refinance, and if you want to wait, he says that’s fine too.
“Go ahead and refinance now, go ahead and get a mortgage but I wouldn’t be too afraid to wait either. Even 6 to 12 months because I think there’s going to be a peak sometime this year and then it will start to decline,” McCarty said.