Rates Are Rising: How to Navigate Buying a Home in the Current Market

By Eileen Derks, SVP, Head of Mortgage at Laurel Road; A 2022 Platinum WCI Medical School Scholarship Sponsor

Since the beginning of 2022, the Federal Reserve has raised mortgage rates multiple times in an effort to curb inflation. After staying at historic lows throughout 2020 and 2021, interest rates are at the highest levels since 2009 and are anticipated to continue rising into 2023.

However, climbing rates shouldn’t necessarily discourage you from buying a home. For physicians who are considering purchasing a home, now may be an excellent time to buy. Even though rates have gone up significantly since 2020, they’re still at historic lows in the context of the past few decades. For example, the average annual interest rate from 1973-1992 stayed over 8%, reaching as high as 16.63% in 1981. Compared to that almost 20-year period, current rates are still quite low.

For physicians looking to buy a home, now may be a great time to act, since rates are expected to keep rising…

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This article was written by Josh Katzowitz and originally published on www.whitecoatinvestor.com