When it comes to mortgage rate we’ve got some good news and some... well, reality checks.
First, the good stuff: mortgage rates have been on a moderate downward trajectory since mid-July. But before you start getting visions of 2020 rates making a comeback, the experts don’t expect big changes. While rates have dipped, most housing market gurus aren't expecting them to take a nosedive anytime soon. Even if the Federal Reserve decides to cut its benchmark rate at their next meeting in September, don't expect mortgage rates to follow suit dramatically.
Earlier this year it was widely reported that the Fed would be slashing rates left and right by now but that didn't happen since inflation turned out to be stickier than expected. However, inflation is finally inching closer to the Fed's 2% goal. This has many folks thinking a rate cut could be coming in September. So, what does this mean for your dream home's price tag? By the end of the year, Bright MLS is predicting mortgage rates might hover around 6.4%. Not too shabby, but not exactly bargain-basement either.
The bottom line? Mortgage rates have improved a bit, but don't wait around for a massive drop. If you find a home you love at a rate you can live with, it might be time to make your move!
Remember, the housing market is like a rollercoaster – there are ups and downs, but it's all part of the ride. Want to understand more about what rate you would qualify for? Reach out and we’ll get the ball rolling!
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