In a recent press release, government-backed corporation Fannie Mae shared their expectation that mortgage rates will drop below 6% in 2024 and the rate environment will be a more balanced one this year instead of the oscillations buyers have come to expect more recently.
With this announcement, a Fannie Mae survey also reported that buyers' optimism levels are the highest they've been in two years. If you're waiting for rates to come down to make your move, it will be too late by then. Every buyer is taking this approach and by the time this shift happens, the competition in the homebuying market will only increase - and prices will skyrocket along with it.
Now is the time to buy! At the end of the day, you're buying a home, not a rate. Lock in your dream home when there is less competition, and refinance later.
Thinking of buying in 2024? With the Super Bowl over, we are now in the very early days of the spring market so the time to strategize is now - contact me to get started!
