Mortgage Rate Update with Dale Vermillion

Christian talk radio with Rob West

Like sand through an hourglass, time is running out for historically low mortgage rates. How high might they go, and what does that mean for buying a home? Mortgage expert Dale Vermillion weighs in on that today on MoneyWise. Dale Vermillion is author ofNavigating the Mortgage Maze: The Simple Truth about Financing Your Home. The Federal Reserve has announced planned interest rate hikes in an effort to curb inflation. Dale explains how that will take place and what it will mean for mortgages and other home loans going forward. Rate hikes effectively take money out of circulation, discourage borrowing and encourage saving. Four to six rate hikes are expected this year, which could raise rates to 2 to 2. 5%. That could raise mortgage rates (with good credit) to somewhere around 4. 5% by the end of the year. While that is high by the standards of recent years, rates in the 4-5% range would still be historically low. Dale also discusses the rising prices of homes. He contends that even with higher rates and elevated home prices, it may still make sense to buy right now IF you’re in the proper financial position to buy. This is a serious buyers only market. If you’re going to buy, you must be prepared to know what you can afford and do NOT' over-buy. Don’t get emotional. Set your parameters in advance. Learn more about Dale Vermillion atDaleVermillion. com. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●How can you help a family member with both financial and mental health challenges? ●Is it best to pay off a car loan before paying down a mortgage?