According to a new article from U.S. News, beating an expected interest rate increase shouldn’t be the only reason to buy a home now. The article highlights six other factors that are likely to be more important than interest rates when potential home buyers do the math about whether 2015 is the right year to buy.
When the Federal Reserve stopped buying Treasury bonds last fall, experts predicted interest rates would rise, sparking a sense of urgency among prospective homebuyers to take advantage of historically low rates before it was too late.
Now the rise in interest rates is looking less certain. Some experts believe rates will fall; others believe they will stay the same and even those who predict an increase say the increase will be small.
Interest rates, however, should not be the primary factor that determines when you purchase a home. For most buyers, other factors are much more important. Rather than buy now for fear that rates might suddenly increase, for example, it might be smart to wait so you can save up a bigger down payment.
Here are six factors that may be more important than interest rates when deciding whether to buy a home this year.
