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With all of the news about mortgage rates going up, many potential homebuyers are wondering if they should be concerned. Should they hurry and buy now before rates go up more, or hold off and see if rates come back down?

Considering how much hype rates are getting, and the tone of the headlines, it makes sense to be concerned and question what you should do.

While there’s no one-size-fits-all answer, it might help to consider the bigger picture. Rates are still historically low, and they haven’t exactly skyrocketed. Sure they’ve gone up, and are the highest they’ve been in a few years, but they’re still low if you consider the data in this chart showing rates from 1971 to 2022.

It’s pretty common for people to refer back to the 1980’s when rates were double-digit in the high teens. It’s a good spin on the topic, but that’s not a great comparison. That was a totally different time and ages ago in terms of real estate. But if you look back to the early 2000’s through 2008, rates hovered around the 5-6% range. That’s a better comparison to make. Even with news of rates breaking the 4% mark recently, that’s still low compared to more recent times and market conditions.

The question is when and how much rates will go up, and will home prices come down accordingly? Unfortunately, there’s no crystal ball to answer that. You can only deal with what you know at the current moment.

But if you’re going to speculate on whether home prices will come down, consider that there’s still low inventory and high buyer demand. On top of that, rents are going up considerably, making buying more appealing than renting — a situation that attracts more potential buyers to the market. With little indication that supply will increase, coupled with increasing buyer demand, it’s less likely that prices will adjust down due to relatively small rate hikes. Rates would have to jump considerably more for that to happen.

The Takeaway:

By no means should you rush out and buy a house just to beat the rates. But if you are in the market for a new home, you should certainly be aware that rates are rising. Keep your eye on them, and make a concerted effort to buy sooner than later just to hedge your bet.

Make sure you work with a mortgage advisor who can keep you abreast of changes and advise you when (and whether) to lock in a rate, depending upon your situation.

Most importantly, know how much your monthly mortgage payment will be based upon the rates and the price range you’re buying in. If you’re comfortable with that, and can handle it on a monthly basis, then the rate shouldn’t affect you that much if you buy within your means. And if they do go down in the future, you can always refinance.

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Beautiful evening for a walk with friends 🐾 Poppy and Tinker posing in paradise 😊 ...

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Lots of properties on Agent Caravan on Thursday, May 26. What is Agent Caravan?

This is an opportunity for local Realtors® to view the new listings. We do this every Thursday from 9 AM - 11 AM. Contrary to what my friends think....we are not all on a big party bus driving around town LOL!!!

This week is the biggest caravan of the year (12 properties ranging in price from $500k to $2.5M) because inventory has finally started to increase. So.....if you are looking for something to do....stop by one of these properties. Everyone is welcome! If you are working with a Realtor® be sure and tell the person at the Open House.....otherwise we think you could be a new client for us!!

I will be at 354 Joaquin #4 -- stop by and say hello and I will give you a list of the other 11 properties on caravan.
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Tonight kicks off the Mammoth Lakes Film Festival! Come see amazing films and party with the artists till Sunday! Another fun and local event for Mammoth Lakes!

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #summerfun
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Don't miss out....

Come by and see this beautiful 3 bedroom home at 33 Kelley Road in Mammoth Lakes on Saturday, May 28. OPEN HOUSE from 2 PM - 5:30 PM.

LINK IN BIO for details.
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You’re probably well aware that mortgage rates are rising. At the same time, home prices don’t seem to be coming down, there’s still a ton of competition, and you’re probably no stranger to bidding wars when you make an offer on a house. More in my blog. Link in Bio...

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #mammothhomes #monocountytourism #monocountyrealestate #realestatetips #realestatetipsandtricks
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Attended the ribbon cutting for Mammoth Lakes new Disc Golf Park. Such a beautiful course built in our local paradise. A lot of work by local individuals, business and town government came together to make this happen. THANK YOU! Check it out next time you are in town! I have never played but I am going to learn! #mammothlakesrecreation #townofmammothlakes #lovewherewelive #paradise ...

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Preparing for summer in Mammoth like...

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #mammothhomes #monocountytourism #monocountyrealestate
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"Thank you so much for your guidance and expertise in helping us to buy our dream home.
I am so grateful for your hard work and patience with all our questions at every step of the process. I genuinely trusted that you were looking out for our best interests and had our backs throughout this exciting and stressful process."

-Andrew & Cara

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #testimonials
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Whew! This was only a 7 day escrow and we did it! So many offers on this one but the CASH offer with a quick close was just what my client was looking for! Thank you to Sara Knadler for bringing a quality buyer and for a smooth transaction. Sierra Escrow made it happen!

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
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OPEN HOUSE
33 Kelley Road

Sunday, May 22
10 AM - 1 PM

Stop by and view this immaculate and beautiful 3 bedroom / 2.5 bath move in ready home. A rare find for such an amazing location and quality construction. The placement of the home on the lot is off-set from neighboring homes providing a true sense of privacy.

LINK IN BIO FOR DETAILS
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Eric Van Winkle making a difference on Town Clean Up Day this past weekend! Way to represent Eric and the Mammoth Lakes Board of Realtors! #mammothlakes #TOML #communityspirit #towncleanupday #loveourcommunity ...

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Swimming with dozens of Black Tip sharks and rays was exhilarating and fun (well after I got over my initial hesitation)! The water was so clear and these creatures were quite social! The tour was amazing - we went on to see a 12 foot Eagle ray below us while snorkeling! #tripofalifetime #conradboraboranui #pinchme #godisgreat #lifeisgood #blacktipshark #borabora #porapora @johnbushmammothloco ...

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Today is the first day of Day Pass Reservations for Yosemite National Park! If you're in the area remember to make sure you have a reservation to get into @yosemite this summer!

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #summerfun #yosemite #nature
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OPEN HOUSE
33 Kelley Road

Sunday, May 22
10 AM - 1 PM

Stop by and view this immaculate and beautiful 3 bedroom / 2.5 bath move in ready home. A rare find for such an amazing location and quality construction. The placement of the home on the lot is off-set from neighboring homes providing a true sense of privacy.

LINK IN BIO FOR DETAILS
...

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I know it's something we don't want to think about... but with technology today a seller can be listening or recording you while you view their home. Make sure to be conscious and aware of that and always share your opinions outside or quietly.

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #mammothhomes #monocountytourism #monocountyrealestate #realestatetips #realestatetipsandtricks
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Make sure to show your love and support as we go into the busy summer season to all the amazing workers who make Mammoth such an amazing, beautiful, and safe place to live. Thank you to all our rangers, forest service, hospital workers, police, first responders, SAR members and more!

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
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That’s a wrap! 40th anniversary trip was AMAZING - don’t know where we could possibly go from here!! Truly a trip of a lifetime. So grateful ❤️ Headed back to reality tonight with arrival in 🇺🇸 tomorrow. Photos coming soon 🌴 #borabora #conradboraboranui #loveourlife #ThankYouGod #lovetotravel #pinchme @johnbushmammothloco ...

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My buyers missed out in a multiple offer situation earlier this year and it happened for a reason. 924 Links Way was meant to be their Mammoth Lakes home! It is perfect for them. Things happen for a reason, right? So excited!' @side_realestate

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #mammothhomes #monocountytourism #monocountyrealestate
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