Rising mortgage rates are cited as one of the causes of a coming recession. When recession comes, to spur the economy, the fed will reverse course and decrease rates, in turn causing mortgage rates to also drop. So, is it better to buy now and refinance down the road? Or wait it out and buy later? I doubt that home prices will fall (ny/nj area) during that time, maybe just slow down to normal growth (3-5% per yr). Thoughts?

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I wouldn’t purchase a home unless the numbers work for it to be an investment property with the rates we have now. Maybe a multi unit or something where the numbers work. you can refinance down the line.

Can you explain to me why rising mortgage rates will cause a recession?

The increase in the federal funds rate in general is what’s going to be the main reason for a recession. All kinds of debt gets a lot more expensive to finance. Mortgage’s included. Because higher interest rates mean higher borrowing costs, people will eventually start spending less. Based on how quick and high the fed want to raise rates The demand for goods and services will then drop, leading over time to a recession.

I work in the residential mortgage lending business and we always say interest rates are a bad reason to buy a house. You should buy to live, invest, etc… not because rates are a certain place at a certain time. Also, you can always refi down the line and the market fundamentals make any sort of crash very unlikely in my opinion

Having been in Real Estate and Mortgage for the last 25 years, yes you should buy. Marry the house, Date the rate. I.E. The house will go up in Value, and rates will come down. When they do, refinance it. But don't bite off more than you can chew. make sure you can afford it.

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