Should You Move If Your Current Mortgage Rate Is in the 2s?

With interest rates currently in the 6-7% range, many homeowners with ultra-low mortgage rates are hesitant to make a move. If you’re worried about giving up your once-in-a-lifetime rate, you’re not alone—I hear this concern all the time.

But here’s the thing: You don’t have to stay put just because of your rate. Let’s explore your options!

1. Keep Your Current Home as a Rental

If your current mortgage rate is significantly lower than what you’d pay for a new home, turning your home into a rental property could be a smart financial move. With a lower payment, you may be able to generate rental income that offsets your new mortgage.

Of course, this depends on your ability to qualify for both mortgages and your willingness to become a landlord. If this sounds like a possibility, let's run the numbers and see if it's the right strategy for you.

2. Buy Now, Refinance Later – "Date the Rate, Marry the House"

You’ve probably heard the old adage: "Date the rate, marry the house." This means that while interest rates can (and will) change, the right home is a long-term investment. If you find your dream home now, you can lock in today’s price and refinance later when rates drop.

The good news? Mortgage rates fluctuate daily, and they won’t stay high forever. Many lenders are even offering free refinancing options for future rate reductions, making it easier to transition without long-term financial strain.

Final Thoughts

If your home no longer fits your needs, don’t let interest rates be the only factor in your decision. There are ways to make a move while still being financially savvy!

Have questions? Let’s discuss your options and create a plan that makes sense for you.

📞 Lisa Diserens, RE/MAX Signature Properties
📍 618-803-8700

Your dream home might still be within reach—let’s make it happen! 🏡✨.