Should I Wait To Buy A Home In San Diego Or Do It Now

Should I Wait To Buy A Home In San Diego Or Do It Now

 In January, the Federal Reserve, in a unanimous vote, decided to further reduce its bond purchasing. The bond purchases were the government’s stimulus package created to keep long term mortgage interest rates artificially low in order to help revive the housing market. Most experts believe that this tapering will cause interest rates to increase as 2014 progresses. Rates have remained relatively stable since the onset of the tapering in December. This is probably because the first round of increases had already been ‘priced into’ the equation last summer when rates skyrocketed by over a full percentage point just on the speculation that tapering would take place later in 2013. Nevertheless, as we move forward, most analysts believe rates will start to rise culminating in a rate close to a full percentage point higher than current rates by this time next year. In fact, Freddie Mac, Fannie Mae, The Mortgage Bankers’ Association and the National Association of Realtors have all recently projected rates to be between 5-5.4% at this time next year.

Bottom Line

If you are a first time buyer or a move-up buyer, the cost of the mortgage on your new home will probably increase as we move through the year. If the timing makes sense, buying sooner rather than later may save you a substantial amount of money over the long term in lower mortgage payments.  Click here to search for homes in San Diego County. 


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Phone: 619-318-7045
Dated: February 11th 2014
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