Experts Urge Caution for Homebuyers Amid High Mortgage Rates, Recommend Budgeting for Holidays

Mortgage rates are at decades-high levels, with the average 30-year rate reaching 7.31% and 15-year rates at 6.72%, per Freddie Mac data. Experts advise being debt-free and having an emergency fund before buying a home.
Dave Ramsey said now is the time to budget amid high mortgage rates, the restart of student loan payments, and the holidays approaching.
Financial experts encouraged millennials and Gen Z to have patience and not rush into homebuying just because their parents say to. Renting and owning have key differences.
The Ramsey team recommends budgeting for holiday spending, which averages $800-$1500 per family. Side hustles can help cover these costs.
While budgeting can feel restrictive, it also gives permission to spend and enjoy the holidays, so focus on doing less rather than going overboard.

foxbusiness.com

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Posted 9/30/2023, 11:03:41 AM