If you are planning on buying a home, you may have been closely watching mortgage interest rates to see if they could drop. Right now, the interest rate for a 30-year fixed-rate mortgage is 6.76 percent, and for a 15-year fixed-rate mortgage, it is 5.89 percent. These rates are almost double what we saw during the pandemic years. Current housing market data and financial data show little indication of a coming drop in interest rates.
Add to that the fact that tariffs could make building materials considerably more expensive if you consider building a home. With all the uncertainty swirling around us, it could be smart to consider a home-buying strategy that is less about interest rates on your mortgage and more focused on home ownership. If you need assistance in your home-buying quest, you could benefit from speaking to an experienced Waukegan, IL real estate lawyer.