Should I Move, Given Today’s Mortgage Rates?

When mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause. Maybe you did too because you didn’t want to sell and take on a higher mortgage rate for your next home. It’s understandable and something I call a fear-based rate freeze. But is that still the right strategy for you?

In today’s market, data show more homeowners are getting used to where rates are, and thinking it may be time to move. As Mark Zandi, Chief Economist at Moody’s Analytics, explains:

“Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes. Homeowners may also be slowly coming to the realization that mortgage rates aren’t going back anywhere near the rate on their existing mortgage.”

A recent study from Bank of America sheds light on some of the things homeowners say would make them sell, even with rates where they are right now (see visual below):

What Would Motivate You To Move?

As well as those above, there are factors that have always, and will always, motivate folks to move. They are the life events that happen despite anything the economy is doing. Things like a birth or a death in the family, a marriage or a divorce, a new job or a job loss, etc. As you flow down your river of life, your desire to move rises and falls with the situation.

And here’s something else to consider. Mortgage rates are still expected to go down over the course of the year. And once that happens, there’s going to be a big rush of buyers jumping back into the market. While you could delay your plans until rates drop, you’ll only have more competition with those buyers if you do.

So, does that mean it’s worth it to move now, even with rates where they are? The answer is: it depends.

You’ll want to consider today’s mortgage rates, where they’re expected to go from here, and what would prompt you to want to make a change as you decide on your next steps. An expert can help with that.

Bottom Line

Other homeowners are getting used to rates and deciding to move. Let’s chat to go over what matters most to you so you can be confident about whether it’s time for you to jump back into the market or not.