After seeing record low mortgage rates for a few years, they had nowhere to go but up. Still, few predicted these levels this quickly. According to bankrate.com (at the time of this writing) the average 30-year mortgage rate is at just over 7%, the 15 year is slightly above 6.25%, and the adjustable (ARM) rate is at 5.37%.

Yes, the housing environment has drastically shifted compared to this time last year, but buyers in Omaha and the surrounding area are still buying and sellers are still selling. People will buy or sell, no matter the market and for a variety of reasons: People upsize, or they downsize, people get new jobs in new places or lose jobs in the same place, or countless other things that add to or take away from the quality of our lives. Regardless of the nature of the change, change remains the only constant.

Whether you’re a first-time home buyer who has socked enough away for a down payment, or if you’re looking to cash out on the sale of your home to put towards the next, should you wait to buy? Well, my crystal ball broke just the other day. So, like everyone else, I’m forced to watch and wait to see if gas and grocery prices have peaked as the Fed continues to throw spaghetti at the wall to see what sticks. In a nutshell, it simply boils down to where you’re at and what’s your situation. For most people, even their dream home isn’t their forever home, but on the chance that your next home happens to be your forever home just remember while you may be married to the home, you are always only dating the rate. Whether you choose a fixed rate or an adjustable rate, know that the housing values in the area have been historically resilient to down trends and you can refinance around the corner, if and when the rates come back down to earth.

Aaron Lee Shigley is a REALTOR® with BERKSHIRE HATHAWAY Home Services Ambassador Real Estate and is a member of the Omaha Area Board of REALTORS®. Calls or emails are welcome. He can be reached at (402) 730 – 3404, aaron.shigley@bhhsamb.com or on the world wide web at: ShigSellsOmaha.com.