Will Rates Come Down This Year?

👉Are Mortgage Rates Going Down this year?

⭐️If you’re ready to cut to the chase and schedule a strategy session with me, just text me at 360-392-5475 or email info@bellinghamlistings.com 💯

🏡✨Where mortgage rates are headed in 2024: I’m guessing you’re picking up on the general theme of my 2024 outlook: Prepare for the worst, hope for the best. The general consensus and data says that we can Expect rates to stay in the 6% range thru 2024 for all the reasons discussed previously. If you haven’t seen it yet, please go back and watch my video on the Federal Reserve for some good info and context for this conversation. Now Its going to take a series of negative economic events to bring rates down faster or sooner. Sure we want lower rates and better affordability, but its a double edged sword. We likely need to see both inflation come down and unemployment go up before the FED is going to be ready to lower rates. They lower rates to stimulate a struggling economy. We don’t necessarily want the economy to struggle and people to lose their jobs, which is where the soft landing idea gains support.

If we achieve a soft landing, its more likely that rates will change slowly, and in small increments. So if you think its even remotely in the cards to make a move this year, what are you waiting for? Start with baby steps, and try out my loan & affordability calculator at bellinghamlistings.com under BUYERS section. Theres a ton of great resources on my website, in addition to the latest homes for sale. And I have to share what I hear from a lot of my clients, that they wished they hadnt sat on the sidelines for so long and that they missed out on opportunities. Now they’re ready to jump back into the market. And for many who can afford to make a move this year, they tell me that they just have to keep in mind that they can usually refinance later. And they are of the mindset that if they can afford the payments on the home they want now, its generally better to buy now and benefit from lower prices, home ownership and appreciation, which generally outweigh a higher monthly payment over the short term, say the next 2-3 years before they would refi.

And another cool thing about buying now and refinancing later is that those who put down less than 20% and are paying PMI, can often remove the PMI once they hit 20% equity, which could realistically happen in the next 2-3 years. So there are plenty of ways to make the move happen now, depending on your situation. If you’re curious about to know more, watch my video on mortgage cost vs the opportunity cost of appreciation for more specific examples.

👉Try out my mortgage and affordability calculator and see the latest listings in Washington State at www.BellinghamListings.com 👉If you want to be added to the 2024 Market Outlook email, shoot me your email in the DM! 

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