On top of housing prices skyrocketing, the average mortgage rate almost doubling is like rubbing salt in the wound. In early 2021, we saw the lowest average mortgage rate on record at 2.65%. Since then it’s shot up and we haven’t seen rates this high for over 10 years. But if you think 5.81% is high, the average rate in 1981 was over 18%!! So what does this mean? Is this a bad time to buy? Will home prices stay high since homeowners are less willing to sell? Or does it mean housing prices will decrease since they are becoming less affordable? Just like with the future of the stock market, we don’t know. It is important to note that this monthly payment does *not* include property taxes and homeowners insurance. This varies greatly depending on the state you’re in, but for this example, it would roughly be an additional $500-$1000 per month. Mortgage rates have been steadily increasing this year since inflation has been on the rise and the Federal Reserve is raising interest rates to try and tame inflation. Don’t worry so much about this stuff because it’s out of our control. Instead think about what you CAN control. Find ways to increase your income. Spend less than you make. Keep investing and building wealth. Stay the course for years. That's how rich people get rich in the face of any economic environment. Book your FREE consultation @ kozmosinvestments.com