Before inflation and high interest rates, mortgage rates were around 3% and now they can be as high as nearly 7%.
The higher interest rates have made many potential homeowners press pause, but are interest rates the only thing you should be watching when considering a home purchase?
You have significant debt alreadyIn reality, everyone seems to be carrying some form of debt.
To move, means you have to sell your home — and it is really hard to change your mortgage payment.
If you have significant debt, maybe wait to purchase a home until that debt is paid off.
Organizations:
Federal Reserve