These first months of the year are traditionally when hopeful homebuyers sit down to tally their raises or bonuses and assess what they can afford. Adding to the calculation this year: rising mortgage rates, which have spiked to their highest level in almost two years.
Don’t panic. And especially don’t let worries about locking in a rate rush you into a purchase decision. Much like with stock investments, trying to time the market for a home purchase is foolish and can wind up backfiring.