Keeping Up with The Mortgage Rates, hard to do in 2024, right?
Keeping up with the mortgage rates can be more difficult than keeping up with your favorite series! I represent buyers on The Main Line PA if you are considering buying a home, you are no doubt watching the mortgage rates. The impact of mortgage rates on your buying power and monthly payment is a huge factor in home-buying plans. Many of my buyers are looking for alternatives to borrowing, but if you are looking to borrow and are interested in what the current rates look like and what is anticipated moving forward, here is our breakdown.
So what is the latest on Mortgage Rates?
Mortgage rates have shown volatility, bouncing around due to a multitude of influencing factors. Economic conditions, job market fluctuations, inflation rates, Federal Reserve decisions, and geopolitical events all contribute to this complexity. As Odeta Kushi, Deputy Chief Economist at First American, explains:
“Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.”
So, what is the Role of Professionals? A licensed realtor and a lending professional can help you understand your personal borrowing power and how it compares to other Main Line buyers. Real estate experts understand the current market conditions and lending experts understand the various factors that could make or break an applicant’s eligibility for a mortgage. Market shifts impact your budget and buying power in ways that professionals can help explain. You don’t need to become an expert on mortgage rates—what matters is having an experienced professional by your side. If you have questions about current housing market dynamics, let’s connect to bring strategies to these trends and find your dream home.
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