Is there a rate you’re waiting on???

Let’s cut to the chase—nobody’s going to deny that mortgage rates have thrown some curveballs at us when it comes to housing affordability lately. Then add in an election year… It’s been a wild ride, and we’ve all felt the impact. But here’s the good news: the tide is turning.

Rates are finally starting to dip, and we’ve just hit the lowest point of 2024! It’s time to get back in the game if you've been on the sidelines. 

I get this question all the time… “How much lower are they going to go?” Great question! I wish I had a crystal ball but here’s what you need to know.

The experts are saying the overall downward trend should continue as long as inflation and the economy keep cooling. Sure, we might see a little volatility here and there—new reports come out, the market reacts—but don’t let those blips distract you from the bigger picture. The bottom line? Rates are still down roughly a full percentage point from their recent peak in May.

Looking ahead, the consensus is that rates in the low 6s high 5s are within reach in the coming months. It all depends on the economy and what moves the Federal Reserve makes next. Most experts are already revising their 2024 forecasts, getting more optimistic about where we’re headed. For example, Realtor.com just updated their year-end forecast to 6.3%, down from 6.5%.

So, what does this mean for you and your plans to move? If you’ve been holding out, waiting for rates to drop, know that it’s already happening. The key is to figure out YOUR number—the rate that makes you feel ready to jump back in.

5.6, 5.9, 6.1% Everyone has a magic number! Whatever it is, once you have that number in mind, you don’t need to play the guessing game. Instead, connect with a local real estate pro (hey, that’s me!). I’ll keep you in the loop and let you know the moment we hit your target.

Trust me, I get it. That rate does make a difference on your purchasing power. As rates go down, affordability goes up!! 

Just reply with the rate you’d like to see before jumping back in and I’ll be your eyes and ears, ready to let you know when the time is right. Together, we’ll make sure you don’t miss out on big opportunities!

- The Gems at Black Diamond Real Estate Group