Should you buy a house now or wait?
The economy and interest rates.
Interest rates are expected to remain low throughout 2020 and rise in 2021.
As of February 2020, rates fell for the third week in a row to 3.45% for a 30-year fixed-rate mortgage.
Thus, it might be better to wait until 2021 when the market is expected to cool down further.”
Should I wait to buy a house until 2020?
Mortgage rates should stay below 4%, but don’t expect them to decrease much. The vast majority of housing economists project that mortgage rates will remain below 4% in 2020. More people will be able to afford to buy a home if mortgage payments remain affordable – in turn reducing competition for rental units.
Why you shouldn’t buy a home?
High Debt Ratios
Lenders change the rules all the time for debt ratios. If bills eat up 50% of your gross income every month, you probably cannot afford a mortgage payment on top of those expenses. Consider paying down or paying off your credit cards before buying a home.
Is it a good time to buy a house 2019?
“It’s an excellent time to buy a home right now when it comes to mortgage origination. If you want to buy, you can acquire a mortgage loan with extremely favorable terms. There is a strong correlation between mortgage interest rates and Treasury yields. And right now, treasury rates are historically low,” he says.