It takes a long time for most of us to actually own a house. At first, the bank or mortgage lender is the primary owner and we make payments. Eventually, homeownership is possible.
Mortgage interest rates have an impact on the housing market. When rates go up some buyers will get cold feet even though the rates are only slightly over 3% on a thirty-year conforming mortgage. The common wisdom is that rates are more likely to go up than down because inflation is on the rise.
Rates were higher in March of 2021 at an average of 3.17% for a 30-year mortgage. In March of 2020, they were around 3.65%.
This could be a better time to buy a house than next March when rates will be higher.
