If you're buying in Phoenix this year, your budget just became a moving target.
Realtor.com just analyzed 26 years of mortgage data and the news isn't comforting. Rates could swing 50 to 100 basis points in either direction over the next 3 to 12 months. That's not a small shift. With rates at 6.95% right now, you could be looking at anywhere from 6% to 8%. If you've got a $2,000 monthly mortgage budget, that range puts your buying power between $272,000 and $333,000. Same payment, $61,000 difference in what you can actually buy
My take? Don't build your offer strategy around rates dropping. Get pre approved for what you're comfortable paying at today's rate or higher. If rates fall, that's a bonus. If they climb, you're not scrambling or losing the home you want because your lender pulls your max budget down.
DM me directly and I'll run the numbers for your timeline and show you the real range.
