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Owning a home is a goal many people have. But given rising costs and increasing interest rates, you may be wondering if it’s better to pump the brakes on your plans to purchase a home right now.
According to Jeff Ostrowski, a senior mortgage reporter at Bankrate.com, the current economic climate doesn’t mean your home-buying plans need to be on hold. Yes, rising interest rates will impact the home you can afford to buy. And yes, interest rates have gone up from the record lows of 2020 and 2021. That said, rates have steadied at 5-6% for now, which is still pretty low.
Ostrowski also adds that interest rates really shouldn’t be the driving factor when…