Why homebuyers should lock in a mortgage rate now

on average. Here are a few reasons you may want to consider it:Mortgage interest rates are influenced by a range of economic factors, including inflation, Federal Reserve policies and overall market conditions. Historically, rates have shown a tendency to fluctuate, and while they've already increased significantly this year, there's a chance theyBy locking in a mortgage rate now, you can shield yourself from the potential rate hikes down the road.

By locking in a rate today, you're protecting yourself against potential rate increases while keeping the door open forif rates become more favorable. And, you're also not passing up on homes that fit what you want or need in hopes that rates will drop. That's a big benefit in today's market, considering that housing inventory is still lacking in most markets.

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Analysis: Little relief for indebted Canadian homeowners as mortgage rates seen higher for longerHighly indebted Canadians hoping for relief from a rapid rise in mortgage rates are in for some disappointment, as recent moves in the bond market point to interest rates staying at elevated levels for longer than previously expected due to stubborn inflation.
Source: Reuters - 🏆 2. / 97 Read more »