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What the Federal Reserve interest rate pause means for Triangle homebuyers

The JAG Team

You shouldn’t wait to house hunt

Benham said if a rate pause happens, more buyers will start house hunting as mortgage rates lower. “As soon as rates come down, you’re going to have buyers out there purchasing right and left,” he said. “Potential buyers need to go ahead and get out there and start looking. If interest rates do happen to come down, it’s going to mean more people are going to get busy and start looking for homes. And people are going to wait until they hear in the news rates are coming down or that the Feds have paused increasing interest rates.”

Mortgage lenders have been prepared for rate fluctuations

Be prepared to look at a mortgage differently

Furthermore, he said buying is always a smart decision and that buyers should always purchase sooner rather than later. “The sooner they get into a home, the sooner they’re going to start building equity,” he said. “If somebody’s currently renting, they’re paying a hundred percent of that to somebody else without any appreciation on it, versus if they purchase a home. They’re going to start building equity immediately once they purchase that home.”

Don’t forget to ask about first time homebuyer programs

He also said it’s important to come in with an optimistic mindset. “They just need to be prepared for where they are currently,” he explained. 

Final recommendation