09/19/2024
There are some experts that claim we will never see 3% rates again in our lifetime. 🤯
This week, the 30-year mortgage rate fell to 6.09%, its lowest since September 2022 📉
Since markets have already priced in yesterday’s 50 bps rate cut and the Fed is still being mum about their future plans, we don’t think there’s a major drop in the future. Rates might hover between 6% and 6.2% for the rest of the year and could dip into the high 5% range by next spring.
🏡 As rates decrease, we may see more refinancing activity first, followed by increased mortgage applications as buyers and sellers become more active in the spring. Lower mortgage rates can boost buying power, which might lead to rising home prices in the spring, especially if housing inventory remains slow to increase.
📊 Get the full Weekly Market Trends update here: https://rltor.cm/6xsq03
🏡📉 Mortgage rates are falling, and more homes are going on the market. The best time to buy is right around the corner! Start your home search today: https://rltor.cm/49ks6w
