Team McLain Premiere Group at REAL Broker

Mortgage Rates Decline in 2024 Unreal

Mortgage Rates Decline in 2024 and What this Means for Purchasing Power!

Mortgage Rates Decline in 2024

If you want to buy a home, it’s important to know how mortgage rates impact what you can afford and how much you’ll pay each month. Fortunately, rates for 30-year fixed mortgages have come down significantly since the end of October and are currently under 7%, according to Freddie Mac (see graph below):

Mortage Rates Decline

This recent trend is great news for buyers. As a recent article from Bankrate says:

“The rate cool-off somewhat eases the housing affordability squeeze.”

And according to Edward Seiler, AVP of Housing Economics and Executive Director of the Research Institute for Housing America at the Mortgage Bankers Association (MBA):

“MBA expects that affordability conditions will continue to improve as mortgage rates decline . . .”

Here’s a bit more context on how this could help with your plans to buy a home.

Mortgage Rates Decline in 2024 – How They Affect Your Search for a Home

Understanding the connection between mortgage rates and your monthly home payment is crucial for your plans to become a homeowner. The chart below illustrates how your ability to afford a home changes when mortgage rates shift. Imagine your budget allows for a monthly payment between $2,400 and $2,500. The green part in the chart shows payments in that range or lower (see chart below):

Mortgage Rates Decline in 2024

As you can see, even small changes in rates can affect your budget and the loan amount you can afford.

Get Help from Reliable Experts To Understand Your Budget and Plan Ahead  with the Mortage Rates Decline in 2024

When you’re looking to buy a home, it’s important to get guidance from a local real estate agent and a trusted lender. They can help you explore different mortgage options, understand what makes mortgage rates go up or down, and how those changes impact you.

By looking at the numbers and the latest data together, then adjusting your strategy based on today’s rates, you’ll be better prepared and ready to buy a home.

Bottom Line Mortage Rates Decline in 2024

If you’re looking to buy a home, you should know the recent downward trend in mortgage rates is good news for your move. Let’s connect and plan your next steps.

 

As Mortage Rates Decline in 2024 and potentially beyond, it is important to stay ahead of the next market trends.

 

John McLain

Office:  908-923-4533

John.McLain@exprealty.com

Leave a Comment

Your email address will not be published. Required fields are marked *

Share On

Related Articles

Latest Post

Scroll to Top