09/18/2024
❗First Fed Rate Cut in 4 YEARS!❗
Big news in the housing market:
The Fed is expected to cut the federal rate, which could cause mortgage rates to drop even further!
Right now, mortgage rates are 5.5% (according to Zillow), compared to 7.5% last year. But that could change soon! Some experts even predict bigger drops than we expected.
Let’s put it in perspective: For a $600,000 loan, at 5.5%, your payment is $3,407/month. If rates drop to 4%, your payment could shrink to $2,864/month. That’s $543/month in savings!
So, what should you do?�
👉Buying now? Talk to your lender about a float-down option to lock in those lower rates before you close.�
👉 On the fence? Prices are adjusting across the country. This could be a rare window where both prices and rates are lower.
Don’t miss out! Contact me to talk strategy or explore your options!