Northern Illinois Real Estate Videos & Market Updates

The Fed raised the Federal Funds Rate again, but does that automatically mean mortgage rates are going higher? Not exactly. The Federal Funds Rate and mortgage rates are two different things. Fed policy can influence the overall interest-rate environment, but mortgage rates also react to inflation, the bond market, economic data, and investor expectations. For homebuyers, the better strategy usually isn’t trying to perfectly time mortgage rates. Build a plan that works with today’s numbers and know what your options are if rates change later. Thinking about buying a home in Chicagoland? Reach out to The Kombrink Team and let’s talk through the numbers.

Mortgage rates may be making headlines again, but the rate you see quoted online isn’t necessarily the rate you’ll actually get. Your mortgage rate depends on your individual financial picture, including your credit score, debt-to-income ratio, down payment, loan type, loan term, and other factors. That means your actual rate could look different from the number making headlines. If higher rates have you putting your home search on hold, talk with a trusted local lender or loan officer and find out what you could actually qualify for. A quick conversation may give you a much clearer picture of what’s possible.

Waiting for mortgage rates to come down might seem like the safest move, but it doesn’t always play out that way. A recent survey found that 41% of buyers who waited for lower rates wish they had bought sooner. With inflation, the economy, and global events all influencing mortgage rates, there’s no guarantee a big drop is coming anytime soon. That doesn’t mean you should rush into buying. It means you should know what the numbers look like right now before deciding to wait. A trusted lender can help you understand today’s rates, available loan programs, and what payment actually works for your budget.

Mortgage rates get most of the attention, but fall can bring some important changes for home buyers too. Historically, buyers may see more homes to choose from, lower asking prices, and sellers who are more willing to negotiate as the end of the year approaches. If affordability has kept you on the sidelines, the seasonal shift could create opportunities that weren’t there a few months ago.

Feel like everything has been a little unpredictable lately? The housing market may actually be one of the more stable things out there. Home prices have been relatively steady, housing inventory is close to where it was last year, and mortgage rates have stayed in roughly the same 6% to 7% range since late 2022. If you’ve been waiting for the market to “settle down” before buying or selling, it may already be there. That stability can make it easier to plan your next move with a little more confidence.