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Why buying now in elevated mortgage rates environment still makes sense. Date the rate and marry the house at it's core, the process reflects a simple concept: 

• Your house is a long-term commitment (marriage) while
• Your mortgage rate is temporary (date).

In other words, you can lock in your dream home now and refinance later if interest rates decrease. Waiting for that "perfect" rate could mean missing out on the perfect home especially in our competitive market like Seattle where home prices are always rising. 

Why buy now despite higher prices? Here are three key reasons to consider buying a house if rates are higher than you'd prefer: 

1.  Home prices are still increasing : Real estate is a long-term investment and home values tend to appreciate over time. By purchasing now, you can start building equity immediately, rather than waiting and potentially paying more for the same home in the future. 
2.  Refinancing is an option: If interest rates drop, you can refinance your loan to secure a lower rate and reduce your monthly payment. While refinancing isn't guaranteed and involves additional costs, it's a common strategy for homeowners to manage their finances over time. 
3.  Your home is more than a rate: A home provides stability, a place to build memories and a foundation for inter-generational wealth. The emotional and financial benefits of homeownership often outweigh the temporary discomfort of a higher rate. 

How refinancing works. Refinancing allows you to replace your current mortgage with a new one at a potentially lower interest rates. 

Here's what you should know: 

1.  It involves costs: There will be closing costs involve when refinancing so you'll need to weight the costs against the savings. Generally, if you can recover the closing costs while you are still staying put at the house, then refinancing is recommended.  
2.  Timing matters: If rates drop meaningfully, refinancing can lower your monthly payments and save you money over the life of the loan.    

Things to keep in mind - while the idea of "Dating the rate" is compelling, it's important to approach it with realistic expectations: 

1.  Future rates are unpredictable: Interest rates are influenced by economic conditions, and there's no guarantee that they will drop. 
2.  Refinancing is not free:  Always account for closing  costs and ensure refinancing makes financial sense for your situation. This involves crunching some numbers so please work with a mortgage professionals.  
3.  Work with trusted professionals: Partner with a local mortgage broker and real estate agent who can guide you make informed decisions.  Here's more reasons why you should work with a local mortgage broker such as myself. 

Future interest rates are subject to market conditions and cannot be predicted. Refinancing your loan is not guaranteed and depends on credit qualifications, property value, and lender approval.