The Federal Reserve’s decision to hold off on increasing interest rates and their meeting note indicating reductions of rates 3 times in 2024, has significant implications for consumers looking to buy and refinance their homes.
The Federal Reserve’s decision to hold off on increasing interest rates is a positive sign for consumers looking to buy or refinance their homes. This means that the cost of borrowing money will remain low, making it easier for people to purchase homes or refinance their existing mortgages. Additionally, the Federal Reserve’s decision to reduce rates three times in 2024 will further reduce the cost of borrowing money, making it even more affordable for consumers.
The 30-year mortgage rates peaked into the 8's in 2023, and relief is already on the way as we enter the new year. The markets have reacted swiftly, giving consumers the help that's been needed for some time. However, it is important to note that the Federal Reserve’s decision to reduce rates three times in 2024 is not a guarantee. The Federal Reserve’s decision to reduce rates is based on several factors, including inflation, economic growth, and unemployment. If these factors change, the Federal Reserve may decide to adjust its policy.
If you are looking to buy or refinance your home, now is a good time to do so. With interest rates remaining low, you can take advantage of the current market conditions to get a great deal on your mortgage. However, it is important to remember that interest rates can change quickly.
We are willing to do a courtesy evaluation of your current home loan to see if you can take advantage of the market. If we are unable to help you presently, we can monitor the market for you and alert you when it's time to act, to not miss a savings opportunity!
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