{"id":9961,"date":"2024-03-12T06:30:00","date_gmt":"2024-03-12T10:30:00","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=9961"},"modified":"2024-03-12T06:30:00","modified_gmt":"2024-03-12T10:30:00","slug":"what-mortgage-rate-do-you-need-to-move","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=9961","title":{"rendered":"What Mortgage Rate Do You Need To Move?"},"content":{"rendered":"
\"What<\/p>\n

If you\u2019ve been thinking about buying a home<\/a>, mortgage rates are probably top of mind for you. They may even be why you\u2019ve put your plans on hold for now. When rates<\/a> climbed near 8%<\/a> last year, some buyers found the numbers<\/a> just didn\u2019t make sense for their budget<\/a> anymore. That may be the case for you too.<\/p>\n

Data<\/a>\u00a0from\u00a0Bright MLS<\/em> shows the top reason buyers delayed their plans to move is due to high mortgage rates (see graph below<\/em>):<\/p>\n

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

<\/p>\n

David Childers, CEO at Keeping Current Matters<\/em>, speaks to this statistic in the recent How\u2019s The Market<\/em><\/a> podcast:<\/p>\n

\u201cThree quarters of buyers said \u2018we\u2019re out\u2019 due to mortgage rates. Here\u2019s what I know going forward. That will change in 2024.\u201d <\/em><\/p><\/blockquote>\n

That\u2019s because mortgage rates<\/a> have come down off their peak last October. And while there\u2019s still day-to-day volatility in rates, the longer-term projections show rates should continue to drop this year, as long as inflation gets under control. Experts even say we could see rates below 6%<\/a> by the end of 2024. And that threshold would be a gamechanger for a lot of buyers. As a recent article from Realtor.com<\/em> says<\/a>:<\/p>\n

\u201c<\/em>Buying a home is still desired and sought after, but many people are looking for mortgage rates to come down in order to achieve it.<\/em><\/strong> Four out of 10 Americans looking to buy a home in the next 12 months would consider it possible if rates drop below 6%.\u201d<\/em><\/p><\/blockquote>\n

While mortgage rates are nearly impossible to forecast, the optimism from the experts should give you insight into what\u2019s ahead. If your plans were delayed, there\u2019s light at the end of the tunnel again. That means it may be time to start thinking about your move. The best question you can ask yourself right now, is this:<\/p>\n

What number do I want to see rates hit before I\u2019m ready to move? <\/em><\/strong><\/h4>\n

The exact percentage<\/a> where you feel comfortable kicking off your search again is personal. Maybe it\u2019s 6.5%. Maybe it\u2019s 6.25%. Or maybe it\u2019s once they drop below 6%.<\/p>\n

Once you have that number in mind, here\u2019s what you do. Connect with a local real estate professional<\/a>. They\u2019ll help you stay informed on what\u2019s happening. And when rates hit your target, they\u2019ll be the first to let you know.\u00a0<\/p>\n

Bottom Line<\/h3>\n

\u00a0<\/strong>If you\u2019ve put your plans to move on hold because of where mortgage rates are, think about the number you want to see rates hit that would make you ready to re-enter the market.<\/p>\n

\u00a0<\/p>\n

Once you have that number in mind, connect with a real estate professional so you have someone on your side to let you know when we get there.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\"What<\/p>\n

If you\u2019ve been thinking about buying a home, mortgage rates are probably top of mind for you.<\/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":[3,134,84,118],"tags":[],"class_list":["post-9961","post","type-post","status-publish","format-standard","hentry","category-blog","category-buying-myths","category-for-buyers","category-interest-rates"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/9961","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=9961"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/9961\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}