When will the mortgage interest rates go down so I can buy a home?
When will the mortgage interest rates go down so I can buy a home?
If you find yourself asking this question, I’ve got good news for you!
As a licensed real estate professional, I watch the interest rates very closely. Here’s a mini state of the rates if you will…
Interest rates started to decline on October 26, 2023 after reaching a high of 7.79%. The rates continued to drop every week over the next 10 weeks and closed out 2023 at 6.61%. That may not seem like a lot but dropping over 1% in 2 months is BIG.
It’s forecasted that interest rates will continue to drop in 2024. I believe there’s a good chance we could reach percents in the low 6’s or maybe even into the 5’s within the first quarter of this year.
Here comes the GOOD NEWS — it’s already a great time to buy! Why? Because many builders are already buying down the interest rate for you. Some are also offering other incentives in addition to the buy down.
And here’s the cherry on top! Did you know that Realtors can help you even with new construction homes? It’s true! I work with all of the home builders in the Central Florida area. I’d be happy to lend my expertise and make sure you have an advocate when it comes to navigating every step of the home building and home buying processes.
If you are ready to get started in 2024, let’s take the first steps now so you don’t have to compete when buyers flood the market.
BONUS: If you’re curious and want to follow the interest rates, make sure to check out the blog on my website. Interest rate updates along with other helpful real estate tips are posted each week. Check it out at davidshippey.com/blog.
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