The news that 99% of borrowers have a mortgage rate lower than 6% is certainly good news for those looking to buy or refinance their home. However, it also means that if you currently have a mortgage rate below 6%, selling your home could be an expensive proposition due to the 3% difference in rates.
For many homeowners, this has become a major dilemma as they are stuck between wanting to move but not wanting to lose out on their low-interest loans. The potential loss of such an advantageous interest rate can make it almost impossible for some people to affordably sell their homes and upgrade or downsize as needed.
Fortunately, there are still options available even with this issue looming over the housing market. Homeowners who find themselves in this situation may want to explore refinancing into another low-rate loan before putting up their house for sale so they don’t miss out on any savings opportunities offered by today’s historically low-interest rates. Additionally, taking advantage of tax deductions related to owning real estate can help offset costs associated with selling one’s property and moving into another residence while still maintaining a relatively affordable monthly payment schedule overall.
In conclusion, although 3% mortgage rates will remain prevalent throughout the U.S., homeowners should not feel trapped when considering buying or selling a property due to its presence; instead, they should take steps towards making sure they get the most from whatever decision is made regarding ownership status going forward.
Read more at Fortune
