Dear Monica: I want to buy a house but am put off by rising interest rates. Should I buy now or wait to see what happens? Ted S.

 

Dear Ted: If you want to buy a property that you plan to own for at least five or more years, you shouldn’t be deterred by rising interest rates as long as the house you want to buy fits your needs and budget. It’s likely that interest rates will rise again so buying now could be advantageous.

 

A good strategy would be to buy now and if interest rates do come down in the future, you can refinance and take advantage of a lower rate. Homeowners typically refinance every five to seven years anyway.