10/22/2024
Mortgage News •
It’s been almost 2 months since the Fed announced its rate cut, however many buyers are still holding out for that “sweet spot” in rates.
According to U.S. Bank and recent articles by The Light:
• October’s labor market data had painted a rosier economic picture than the bond market expected.
• This increased uncertainty about the timing of future rate cuts, pushing up rates for long-term debt, like mortgages.
Now the question is, will rates drop low enough to entice buyers back into the market?
According to that same article, consumers (47%) are waiting for rates to hit 5.5% compared to today’s 6.5%-7%.
So what can we expect?
Here are a few forecasts & tips:
• Rate drops will be gradual.
• Sellers may want to consider concessions for a temporary buydown (message me to learn more about this)
• Buyers have leverage, and should consider getting into the market while they do!
Want to learn more?
Let’s talk about it!
Message me to receive a copy of this report, presented by U.S. Bank Home Mortgage • Sunny Kumar
Mike Althof
MIKE ALTHOF | Realtor ®
Althof & Associates | Hunter & Maddox
619.417.5766
[email protected]
AlthofUrbanLiving.com
DRE #01245962
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