2024 has been an eventful year in the housing market, but it looks like we might finally be seeing some light at the end of the tunnel! This is exciting news for both Realtors and home buyers.
Over the past year, we’ve experienced interest rates climbing as high as 8%, but recently, they’ve started to inch back down. As of this week, we’re seeing 30-year fixed mortgage rates as low as 6.46%, and FHA loans as low as 5.9%. Just last year, when I bought my home, I locked in at a 6% FHA rate, so it’s encouraging to see rates trending in the right direction.
The market has slowed down due to these high mortgage rates, but with rates beginning to drop, now might be the perfect time to consider making the leap into homeownership. While it’s unlikely that rates will return to the lows we saw during the COVID era, waiting for that could be a mistake. If you buy now and rates do drop further, you always have the option to refinance—that’s the beauty of a loan. So, the moral of the story is: it’s always a good time to buy!