???? Interest Rate Predictions vs. Reality! ????

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???? Interest Rate Predictions vs. Reality! ????

Back in December 2023, experts predicted lower mortgage rates for 2024. Let’s see how those forecasts compare to today’s reality:

Predicted Rates (Dec 2023):

MBA: 6.1%
NAR: 6.3%
Fannie Mae: 6.7%
Actual Rates (Sep 2024):

30-Year Fixed: 6.39%
FHA 30-Year Fixed: 6.28%
While rates haven’t dropped as much as expected, home prices are stabilizing.

Key takeaway? Waiting for lower rates might mean higher prices later! ????

Now’s a great time to take advantage of:

1️⃣ Seller credits to reduce closing costs.
2️⃣ Rate buy downs for a lower mortgage payment.
3️⃣ A savvy agent to negotiate the best deal for you!

Questions? DM me—let’s chat! ????

#HomeBuyingTips #InterestRates #MortgageUpdate #RealEstateMarket #FirstTimeHomebuyer #HouseHunting #MortgageRates

Sources:

Instant Reaction: Mortgage Rates, December 14, 2023 - NAR
Economic Developments - December 2023 | Fannie Mae
Mortgage Rates Forecast: Expected Trends for 2024 - USA Today

Falina Selchert
REALTOR®
Γea⅃ Broker LLC
????605.759.0808
????????‍????www.falinaselchert.com

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