{"id":9873,"date":"2024-02-21T06:30:00","date_gmt":"2024-02-21T11:30:00","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=9873"},"modified":"2024-02-21T06:30:00","modified_gmt":"2024-02-21T11:30:00","slug":"some-experts-say-mortgage-rates-may-fall-below-6-later-this-year","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=9873","title":{"rendered":"Some Experts Say Mortgage Rates May Fall Below 6% Later This Year"},"content":{"rendered":"
\"Some<\/p>\n

There\u2019s a lot of confusion in the market about what\u2019s happening with day-to-day movement in mortgage rates right now, but here\u2019s what you really need to know: <\/span>compared to the near 8% peak last fall, mortgage rates<\/a> have trended down overall.<\/p>\n

And if you\u2019re looking to buy<\/a> or sell a home<\/a>, this is a big deal. While they\u2019re going to continue to bounce around a bit based on various economic drivers (like inflation and reactions to the consumer price index, or CPI), don\u2019t let the short-term volatility<\/a> distract you. The experts agree the overarching downward trend should continue<\/a> this year.<\/p>\n

While we won\u2019t see the record-low rates homebuyers got during the pandemic, some experts think we should see rates dip below 6% later this year. As Dean Baker, Senior Economist, Center for Economic Research<\/em>, says<\/a>:<\/p>\n

\u201cThey will almost certainly not fall to pandemic lows, although <\/em>we may soon see rates under 6.0 percent, which would be low by pre-Great Recession standards.<\/em><\/strong>\u201d<\/em><\/p><\/blockquote>\n

And Baker isn\u2019t the only one saying this is a possibility. The latest Fannie Mae<\/em> projections also indicate we may see a rate below 6% by the end of this year (see the green box in the chart below<\/em>):<\/p>\n

\u00a0\"a<\/a><\/p>\n

<\/p>\n

The chart shows mortgage rate projections for 2024 from Fannie Mae<\/em>. It includes the one that came out in December<\/a>, and compares it to the updated 2024 forecast they released just one month<\/a> later. And if you look closely, you\u2019ll notice the projections are on the way down.<\/p>\n

It\u2019s normal for experts to re-forecast as they watch current market trends and the broader economy, but what this shows is experts are feeling confident rates should continue to decline, if inflation cools.<\/p>\n

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

But remember, no one can say for sure what will happen (and by when) \u2013 and short-term volatility is to be expected. So, don\u2019t let small fluctuations scare you. Focus on the bigger picture.<\/p>\n

If you\u2019ve found a home you love in today\u2019s market \u2013 especially where finding a home that meets your budget and your needs can be a challenge \u2013 it\u2019s probably not a good idea to try to time the market and wait until rates drop below 6%.<\/p>\n

With rates already lower than they were last fall, you have an opportunity in front of you right now. That\u2019s because even a small quarter point dip in rates gives your purchasing power<\/a> a boost.<\/p>\n

Bottom Line<\/h3>\n

If you wanted to move last year but were holding off hoping rates would fall, now may be the time to act. Connect with a real estate agent to get the ball rolling.\u00a0<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\"Some<\/p>\n

There\u2019s a lot of confusion in the market about what\u2019s happening with day-to-day movement in mortgage rates right now.<\/p>\n<\/div>\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":[3,86,118],"tags":[],"class_list":["post-9873","post","type-post","status-publish","format-standard","hentry","category-blog","category-housing-market-updates","category-interest-rates"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/9873","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=9873"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/9873\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}