Are you sure you want to delete this post?
Right now mortgage rates are at an all-time low. The national average of a 30-year mortgage has fallen just below 2.98% for the first time in roughly half a century. Along with this, it looks as if prices are staying right about the same or maybe rising a slight bit.
Though the other side of that coin is lenders are becoming more and more picky about who they lend to. Recent events have caused quite a bit of uncertainty in the housing and just about every other market. It's just not as easy as it was last year when considering a return on your money.
Along with the mortgage rates being below 3%, refinanced is skyrocketing. Americans refinanced just about 2 million mortgage loans from January to April, double what the numbers show from the same time period in 2019. Refinancing seems to be on-pace to beat out purchasing this year by far.
With these things in mind, is it a decent idea to purchase a home right now? A low mortgage rate is obviously a good thing, but are there are downsides to purchasing or refinancing at a lower rate?