Mortgage Rate Drop: Fall 2024

Mortgage rates are expected to drop next year, but the housing market will depend on whether current homeowners with low rates (around 3%) decide to sell their homes.

Economists at Fannie Mae predict mortgage rates will end 2024 at 6% and slowly lower  by the end of 2025. However, home prices are expected to keep rising, with a 5.8% increase in 2024 and 3.6% in 2025.

For those looking to sell and buy, it’s important to consider the long-term impact of waiting. Many think waiting for lower interest rates is the best move, but for most, buying at a lower price now is more cost-effective. As rates decrease, home prices will continue to rise, which means buying a higher-priced home with a lower rate could cost more overall than buying today at a lower price and refinancing when rates drop.

Timing is everything. Just like compound interest helps grow wealth when investing, buying a home sooner can create significant wealth over time. The earlier you enter the market, the more potential you have to build equity and long-term financial stability.

If you know me personally, or have spent anytime with me you know I am committed to my clients just as I am committed to my friends and family. I build my life around real connections and relationships. Most of business is referral, so if you have read this I hope you give me the opportunity to advocate for you in aquiring property and building wealth for you and your future self. 

I dont want you to look back in 2, 3, 5 years and say "I shoudl have just gotten in when I could". The reality is, statistically your income and life wont chnage as fast or as drastically as the real estate market, which means it will always be hard, it will always be a barrier of entry to overcome, unless of course you win the lottery or come into a major income bump. 

Lets start strategizing now. send me and email or text me-

Email: ashley@rabyrealty.com

Direct Line: 916-906-2216