There’s a lot of confusion in the market about what’s happening with day-to-day movement in mortgage rates right now, but here’s what you really need to know: compared to the near 8% peak last fall, mortgage rates have trended down overall.
As Mortgage Rates Come Down, More Sellers May Re-enter the Market
Monday, January 29th, 2024
Jen Harpe
If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale.
Mortgage rates have been back on the rise recently and that’s getting a lot of attention from the press. If you’ve been following the headlines, you may have even seen rates recently reached their highest level in over two decades (see graph below):
Today’s mortgage rates are top-of-mind for many homebuyers right now. As a result, if you’re thinking about buying for the first time or selling your current house to move into a home that better fits your needs, you may be asking yourself these two questions:
Here’s context you need to help answer those questions.
Are you a buyer that has decided to put your search on hold because the mortgage rates just went up? The rate increase could actually work in your favor by reducing the number of buyers bidding on a home. Read further to find out why should NOT put your search on hold.
“Is this a good time to buy a home?” The answer is, “Absolutely!" There are 3 key elements in the housing market that determine affordability, Mortgage Rates, Home Prices and Wages. Experts are predicting that these 3 factors are likely to improve this year! Read on to find out more:
If you are considering purchasing a home this year but are waiting for rates to drop, you need to reconsider that plan. According to experts, we are not going to see 3% rates any time soon however, with inflation easing we will see lower mortgage rates in 2023 as compared to this past year. This is still a great time to buy and homeownership is still a better option over renting!
It doesn’t matter if you’re someone who closely follows the economy or not, chances are you’ve heard whispers of an upcoming recession. Economic conditions are determined by a broad range of factors, so rather than explaining them each in depth, let’s lean on the experts and what history tells us to see what could lie ahead. As Greg McBride, Chief Financial Analyst at Bankrate, says:
As 2022 comes to a close many of you are probably wondering where the Housing Market is headed for 2023. Read further to find out what the experts are saying.
Rates are starting to drop ever so slightly and although it may not seem like a lot, even a small percentage can have a big impact on your purchasing power! If you were among the many buyers that had to drop out of the race this year, now may be a good time to have a conversation with your Mortgage Lender and see where you stand.
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