Falling interest rates: Your chance to buy the perfect home in the USA!
Real Estate financing in Orlando
No one argues that mortgage rates have had a significant impact on housing affordability in recent years. However, there is hope on the horizon: rates have started to come down, and recently, they hit the lowest point of 2024, according to Freddie Mac.
If you’re considering buying a home, you might be wondering: how much lower will they go? Here’s some information that can help you understand what to expect.
Expert Projections for Mortgage Rates
Experts say the overall downward trend should continue as long as inflation and the economy remain in a cooling phase. However, with new reports on these key indicators, there might be some volatility.
It’s important to remember that it’s unwise to let these short-term fluctuations distract you from the larger trend. Rates are still roughly a full percentage point below the recent peak compared to May.
The general consensus is that rates in the low 6% range are possible in the coming months, depending on economic conditions and decisions made by the Federal Reserve.
Most experts are already revising their 2024 mortgage rate forecasts to be more optimistic about lower rates ahead. For instance, Realtor.com states:
“Mortgage rates have been revised slightly lower as signals from the economy suggest it will be appropriate for the Fed to begin cutting its Federal Funds rate in 2024. Our yearly mortgage rate average forecast is down to 6.7%, and we revised our year-end forecast to 6.3% from 6.5%.”
Know Your Number for Mortgage Rates
So, what does this mean for you and your plans to move? If you’ve been waiting for rates to drop, know that it’s already happening. You just need to decide, based on expert projections and your own budget, when you’ll be ready to jump back in.
As Sam Khater, Chief Economist at Freddie Mac, says:
“The decline in mortgage rates does increase prospective homebuyers’ purchasing power and should begin to pique their interest in making a move.”
As a next step, ask yourself: what rate do I want to see before I’m ready to act?
Maybe it’s 6.25%. Maybe it’s 6.0%. Or maybe it’s once rates hit 5.99%. The exact percentage where you feel comfortable starting your search again is personal. Once you have that number in mind, you don’t need to track rates yourself and wait for it to become a reality.
Instead, contact us. We’ll help you stay up-to-date on what’s happening and discuss when to make your move. And once rates hit your target, they’ll be the first to let you know.
If you’ve put your moving plans on hold due to higher mortgage rates, think about the number you want to see that would prompt you to re-enter the market.
Once you have that number in mind, let’s connect so you have someone on your side to let you know when we get there.
Ready to Take Advantage of Lower Mortgage Rates?
If you’ve been waiting for mortgage rates to drop before making your move, the time to act is approaching. With rates hitting new lows and experts predicting further declines, now is the perfect moment to reassess your plans and get back into the market.
Contact one of our specialists today to discuss your options and set your target rate. We’ll help you navigate the current market conditions and ensure you’re ready to seize the opportunity when rates hit your ideal number.
Don’t wait—let us guide you through this exciting time and help you find the perfect home at the right price. Reach out now and take the first step toward your next home!
