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Paying Cash for Your Home Is a Bad Idea for These 4 Reasons

Paying Cash for Your Home Is a Bad Idea for These 4 Reasons

After rock-bottom interest rates during the first phase of the COVID-19 pandemic, the mortgage chickens have finally come home to roost. In October 2021, the average U.S. mortgage interest rate for a 30-year fixed-rate mortgage was just 2.99%. With an increase like that, combined with the extreme competition in many housing markets, along with a shortage of available homes for all who want to buy them, it's no wonder that a lot of people are making cash offers on a house.