Mortgage Rates Continue to Improve – A Word from Our Lender, Brooks Kelly
If you’ve been waiting for the right time to buy a home, here’s some good news: mortgage rates are trending in the right direction! While the movement may not seem groundbreaking, every small improvement matters when it comes to affordability. This past week, we saw about a 35bps improvement, which translates to an overall positive shift for buyers.
What’s Happening with Rates?
Fed Chair Jerome Powell recently spoke and remained cautious in his outlook, but acknowledged that inflation rates are gradually declining. While the Federal Reserve isn't expected to lower interest rates immediately, their continued efforts to manage inflation will help keep mortgage rates on a favorable path for homebuyers.
One major catalyst that will drive rates lower is when the Federal Reserve stops selling off treasury bonds from its balance sheet and begins repurchasing them. While there’s no exact date for this shift, it’s projected to happen sometime this summer or fall—meaning we could see even more improvement in mortgage rates in the coming months.
What This Means for Homebuyers
✅ Better Rates = More Buying Power – Lower rates make homeownership more affordable.
✅ A Great Time to Get Pre-Approved – If you’re considering a move, now is the time to explore your mortgage options and lock in a great rate.
✅ Market Trends Favor Buyers – As inflation stabilizes and rates decrease, competition could increase, so acting sooner rather than later may give you an advantage.
Stay Informed with Expert Guidance
Navigating mortgage rates can feel overwhelming, but that’s why we work with experts like Brooks Kelly to provide buyers with the best advice. If you’re thinking about buying a home this year, connect with Brooks to get the latest insights, discuss your financing options, and start the pre-approval process.
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With the right strategy, knowledge, and expert guidance, 2024 could be the year you find your dream home at the best possible rate! 🏡💰
