Uncategories ⁉ Mortgage Rates and Inflation: Why Are Rates Going Up?

⁉ Mortgage Rates and Inflation: Why Are Rates Going Up?

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Rates are increasing
Many people think of inflation in terms of day-to-day prices: the rising cost of a gallon of gas, for example, or a loaf of bread at the store.

Mortgage rates might seem further detached from price pressures. But in fact, the two are closely related. The basic concept is that mortgages behave just like bonds: when inflation rises and purchasing power falls, interest rates must also rise to keep investors interested.

Post-COVID inflation fears have many predicting higher mortgage rates in 2021. The question now is how quickly — and how much — both numbers will rise.
 
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First Time Home Buyer
First-time home buyers get access to special loans and assistance programs that repeat buyers might not. If you've owned a home before, you might think none of these perks apply to you. But that's not always the case. Many qualify as first-time buyers even though they've previously bought a house. The most common rule is that you can't have owned a home in the past three years. Post-COVID inflation fears have many predicting higher mortgage rates in 2021. The question now is how quickly — and how much — both numbers will rise.
 
Home Equity
According to CoreLogic, the average homeowner gained more than $26,000 in home equity in 2020.
If you own a second home or vacation home in a sought-after area, you may have seen even bigger equity gains than average.
But what happens if you want to tap that equity? Can you take out a home equity loan or HELOC on your second home?
 
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