Hot off the press, mortgage rates could be going down.
In fact, according to Jessica Dickler at CNBC, “The Federal Reserve’s period of policy tightening appears to be over, opening the door to lower borrowing costs”. CNBC notes that 2023 was “the least affordable home buying year in at least 11 years”.
With 2023 having come to an end, the new year has already brought newer, lower rates. Matt Richardson at CBS News reported that it is now possible to get a 30-year fixed rate in the 6% range, an approximate figure also confirmed by CNBC.
The news is being widely reported on in the tip off of 2024. No matter where you are looking for confirmation, things are looking pretty good to buy or sell a home.
So, could mortgage rates continue to drop? Recent predictions are saying yes. For instance, The New York Times announced in December that The Federal Reserve, the central bank of the United States, signaled rate cuts in 2024. This means it is looking up for all those who have been waiting for a better rate to purchase or buy a home.
Does this mean 2024 is the year to buy? The market can be difficult to predict a year out, as we all certainly know from experience that anything can happen. If you’ve been holding off for a better rate, now might be a great time to jump in. Sellers who’ve been waiting are finally making a move, opening up more property for buyers who are getting a better rate. But waiting longer after an opportunity like this one can be risky business, because you might not get your dream home at a price you can afford as others jump into the fray.
What does this mean for Evanston? As a city filled with historic single-family homes, vintage condos and co-ops, modern high rises, and more, the market could look very beautiful indeed, enabling you to find the exact type of home you want.
But how will you get the home you want at the best possible rate? The short answer: Work with an agent! After all, you might find it hard to find the home for you and the best mortgage rates on your own.
If you need any guidance in your search, my team at Jackie Mack & More can help. Feel free to email us at info@jackiemack.com or give us a call at 847-274-6676.
My team and I are here to answer your questions, so you better understand the home buying process as well as the requirements for obtaining a home loan. We can also help you focus on the neighborhoods to find the type you want. Whatever you need, our mission is to ensure that don’t experience any surprises along the way.
And in the meantime, for a list of excellent local mortgage lenders, please go to Jackie’s List.
Let’s make 2024 the year you find your dream home!
