The era of historically low interest rates is about to end, so buyers must purchase now to lock in current mortgage rates before they jump significantly.
Federal Reserve Chairman Jerome Powell recently announced that the Fed will begin the “tapering” of bonds and securities by $15 billion each month going forward, according to CNET and other media outlets. Tapering is the term used to describe when the federal government slows down the purchase of mortgage-backed securities and Treasury bonds. The Fed had aggressively purchased bonds throughout the pandemic as an emergency measure to prevent an economic collapse.
What does tapering mean for us? Higher mortgage interest rates.
“Experts expect this move to increase mortgage interest rates, since the Fed was buying these securities at low rates, keeping mortgage rates at historic lows,” the CNET article states.
The specter of rising interest rates, further home price surges in 2022 and rapidly dwindling inventory should be more than enough motivation for anyone on the sidelines to get in the buying game immediately.
Merrick Manor is one of the last new high-end buildings with condos priced under $1 million in Coral Gables. That means buyers must act now before completely missing out on the final inventory of available units.
Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor also has a Zillow Walk Score of 77, making it “very walkable.”
Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative for Merrick Manor.
For more information about the residences at Merrick Manor, visit the Sales Gallery on the ground floor of the building at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. The Sales Gallery is open from 10 a.m. to 6 p.m. on Monday through Friday and from 11 a.m. to 5 p.m. on Saturday and Sunday.