{"id":10013,"date":"2024-03-26T06:30:00","date_gmt":"2024-03-26T10:30:00","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=10013"},"modified":"2024-03-26T06:30:00","modified_gmt":"2024-03-26T10:30:00","slug":"whats-the-latest-with-mortgage-rates-3","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=10013","title":{"rendered":"What\u2019s the Latest with Mortgage Rates?"},"content":{"rendered":"
\"What\u2019s<\/p>\n

Recent headlines may leave you wondering what\u2019s next for <\/span>mortgage rates<\/a>. Maybe you\u2019d previously heard there were going to be cuts this year that would bring rates down. That refers to the <\/span>Federal Reserve<\/em> (the <\/span>Fed<\/em>) and what they do to their Fed Funds Rate. While cutting, or lowering, the Fed Funds Rate doesn\u2019t directly determine mortgage rates, it does tend to impact them. But when the <\/span>Fed <\/em>met last week, a cut didn\u2019t happen \u2014 at least, not yet.\u00a0<\/span><\/p>\n

There are a lot of factors the Fed<\/em> considered in their recent decision and most of them are complex. But you don\u2019t need to be bogged down by those <\/span>finer details<\/a>. What you really want is the answer to this question: <\/span>does that mean <\/em>mortgage rates<\/em><\/a> aren\u2019t going to fall? <\/em>Here\u2019s what you need to know.<\/span>\u00a0<\/strong><\/p>\n

Mortgage Rates Are Still Expected To Drop This Year<\/strong><\/h4>\n

While it hasn\u2019t happened yet, that doesn\u2019t mean it won\u2019t. Even Jerome Powell, the Chairman of the <\/span>Fed<\/em>, <\/span>says<\/a> they still plan to make cuts this year, assuming inflation cools:<\/span><\/p>\n

\u201cWe believe that our policy rate is likely at its peak for this tightening cycle and that, <\/em>if the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year<\/em><\/strong>.\u201d<\/em><\/p><\/blockquote>\n

When this happens, history shows mortgage rates will likely follow. That means hope isn\u2019t lost.\u00a0As a recent article from <\/span>Business Insider<\/em> <\/span>explains<\/a>:<\/span><\/p>\n

\u201cAs inflation comes down and the Fed is able to start lowering rates, <\/em>mortgage rates should go down, too. . .<\/em>\u201d<\/strong><\/p><\/blockquote>\n

What This Means for You<\/h4>\n

But you don\u2019t necessarily want to wait for it to happen. Mortgage rates are notoriously hard to forecast. There are so many factors at play and any one of those can change the projections as the economy shifts. And it\u2019s why the experts offer this advice. <\/span>As Mark Fleming<\/a>, Chief Economist at First American, <\/em>says<\/a>:<\/p>\n

\u201cWell, mortgage rate projections are just that, projections, not promises and don’t forget how hard it is to forecast them. . . <\/em>So my advice is to never try to time the market . . . If one is financially prepared and buying a home aligns with your lifestyle goals, then it could be the right time to purchase.<\/em><\/strong> And there’s always the refinance option if mortgage rates are lower in the future.\u201d<\/em><\/p><\/blockquote>\n

Basically, if you\u2019re looking to move and trying to time the market, don\u2019t. If you\u2019re ready, willing, and able to move, it may still be worth it to do it now, especially if you can find the home you\u2019ve been searching for.<\/span><\/p>\n

Bottom Line<\/h3>\n

If you\u2019re looking to buy a home<\/a>, connect with a local real estate agent<\/a> so you have someone keeping you up-to-date on mortgage rates and helping you make the best decision<\/a> possible.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Recent headlines may leave you wondering what\u2019s next for mortgage rates. Maybe you\u2019d previously heard there were going to be cuts this year that would bring rates down. That refers to the Federal Reserve (the Fed) and what they do to their Fed Funds Rate. While cutting, or lowering, the Fed Funds Rate doesn\u2019t directly […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-10013","post","type-post","status-publish","format-standard","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/10013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10013"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/10013\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}