Mortgage interest rates have begun to tick up. Northern Virginia buyers who were right on the edge of qualifying at a lower rate may now find they need to re-evaluate their approval letter. Though mortgage interest rates are still far below what they have been in the past it doesn’t seem to take much to push some buyers out of one price range and in to another.
Just this week a buyer who was interested in one of our listings discovered the difference between the 3.25% rate they initially qualified with and the new rate of 3.8% meant they didn’t have the cash to close. It doesn’t seem like a lot but it can make a big difference. This is the time when locking your mortgage rate could be the deciding factor between being a homeowner or not.
If you are currently in the just looking phase of your Northern Virginia house hunt check in with your lender again. Make sure you don’t get an unhappy surprise when you find the house you want to buy. In today’s tight Northern Virginia housing market you want to be 100% sure you are ready to write a strong offer when you find the home you want.