The recent shortage of homes for sale — and bidding wars on the few houses that make it to market — may create a sense of uncertainty for buyers.
Home prices are nearly 20% higher than they were a year ago, and mortgage rates are reflecting the current housing market. However, buyers still have the opportunity to lock into historically low-interest rates on their mortgages.
While all-cash sales are around 36% of the market, most homes are bought with mortgage loans. If you are looking to buy a home with the help of a mortgage, it's important to figure out whether a fixed or adjustable-rate mortgage is best.
Just like homes themselves, the right mortgage for you depends on what you need and your unique situation. Often, this is contingent upon how risk-averse you are and how long you plan to stay in the home.