Recently inflation has started to cool, a signal those increases worked and are bringing inflation back down. As a result, the Fed’s hikes have gotten smaller and less frequent. In fact, there haven’t been any increases since July (see graph below):
“Federal Reserve officials left interest rates unchanged in their final policy decision of 2023 and forecast that they will cut borrowing costs three times in the coming year, a sign that the central bank is shifting toward the next phase in its fight against rapid inflation.”
Mortgage rates are influenced by a wide variety of factors, and inflation and the Fed’s actions (or as has been the case recently, inaction) play a big role. Now that the Fed has paused the increases, it looks more likely mortgage rates will continue their downward trend (see graph below):
Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024.
As you think about the year ahead, one of your big goals may be moving.
If you’re looking to buy a home, you’ve probably been paying close attention to mortgage rates.
If you’ve been holding off on selling your house to make a move because you felt mortgage rates were too high, their recent downward trend is exciting news for you.
If you’re thinking of buying a home this year, you’re probably paying closer attention than normal to the housing market.
If you’re thinking about buying a home, pre-approval is a crucial part of the process you definitely don’t want to skip. So, before you start picturing yourself in you… Read more
If you’re thinking about retirement or have already retired this year, it’s a good time to consider if your current house is still a good fit for the next chapter in y… Read more
When you read about the housing market, you’ll probably come across some information about inflation or recent decisions made by the Federal Reserve (the Fed).
The Snyder | Bradshaw Group is led by two real estate veterans who partnered to create an unmatched real estate experience for their clients. Their extensive real estate knowledge and unique approach have forged an elevated level of customer service that benefits their selling clients and buyers alike.