Mortgage rate drop!

While we’re sure today’s rate isn’t as low as you’d like it to be, a drop from 8% to 6.8% is still a considerable difference! Yesterday, the Fed had their fourth quarter meeting and the central bank signaled that three rate cuts could be on the horizon in 2024. This is also the first time the rates have NOT been raised since 2022. We may never see the ~3% rates like we did in 2021 any time soon, so be mindful if mortgage rates contribute to your home buying/refinancing decisions. This is all very hopeful information, especially for first time homebuyers. If you have a high mortgage rate, you may want to consider future refinance opportunities. We strongly recommend talking to your lender before making any final decisions. Remember, if you want to buy or sell a home, give us a call and we’ll make it happen!