There’s no doubt that rising mortgage rates have significantly impacted housing affordability over the past few years. However, there is good news on the horizon: mortgage rates are starting to come down. Recently, they hit the lowest point we’ve seen in 2024, according to Freddie Mac.
If you’re considering buying a home, you might be wondering how much further rates will drop. Here’s what you need to know about mortgage rate projections and how Top Shelf Group can help you find your ideal home at the best price.
Expert Predictions for Mortgage Rates
Experts agree that as long as inflation and the economy continue to cool, mortgage rates are likely to keep trending downward. While there may be some fluctuations along the way, the overall trajectory looks promising. Rates have already decreased by roughly a full percentage point since the peak earlier this year, and many experts believe that rates in the low 6% range are achievable in the coming months.
According to Realtor.com, “Mortgage rates have been revised slightly lower as signals from the economy suggest that it will be appropriate for the Fed to begin to cut its Federal Funds rate in 2024. Our yearly mortgage rate average forecast is down to 6.7%, and we revised our year-end forecast to 6.3% from 6.5%.”
Finding Your Perfect Home: Know Your Mortgage Rate
With mortgage rates declining, now could be the perfect time to start your home search. If you’ve been waiting for rates to drop before entering the market, keep an eye on current trends and expert forecasts. Consider the mortgage rate that aligns with your budget and financial goals.
When you have a target rate in mind, you don’t need to monitor the market on your own. Instead, partner with the Top Shelf Group who can keep you informed and help you make a move at the right time.
How Top Shelf Group Can Help You Find the Right Home at the Right Price
At Top Shelf Group, we are dedicated to helping you find the perfect home, no matter the market conditions. Our team is committed to understanding your needs and budget, and we keep a close watch on mortgage rates and market trends to provide you with the best advice.
When rates hit your target, we’ll be ready to act quickly to secure your ideal home. Contact us today at 717-537-5377 to discuss your home buying goals and how we can help you navigate the market. Let Top Shelf Group’s expertise and dedication guide you to your dream home at the right price.
Bottom Line
If rising mortgage rates have made you hesitate to enter the housing market, remember that rates are already coming down. Identify the rate that makes sense for you and connect with a trusted real estate professional at Top Shelf Group. We’re here to help you seize the opportunity and find the home you’ve been dreaming of … get your search started today by filling out our Buyer Questionnaire!