@sunbearshaman All housing is local, but if you want to try buying a house this year you should immediately go down to the bank and get pre-approved. What this should do is let you lock in at today's interest rate for up to 120 days depending on where you are.
It's free, there's no obligation to use the pre-approval, but if you do then it's possible you end up with the bank basically paying you to borrow money because interest rates will be going up worldwide this year, along with all loan costs. In my jurisdiction, I've heard from a trusted source we could see 5-year mortgage terms at 4%, which would be significantly higher than my 10-year mortgage.
The other side of that is when interest rates rise, prices will either freeze or drop. Buy for housing, not for investment.
It's free, there's no obligation to use the pre-approval, but if you do then it's possible you end up with the bank basically paying you to borrow money because interest rates will be going up worldwide this year, along with all loan costs. In my jurisdiction, I've heard from a trusted source we could see 5-year mortgage terms at 4%, which would be significantly higher than my 10-year mortgage.
The other side of that is when interest rates rise, prices will either freeze or drop. Buy for housing, not for investment.
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