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When Will Interest Rates Drop?
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Interest rates have been a topic of great concern for homeowners and buyers alike. The Federal Reserve recently held a meeting, and while they did not lower rates at this time, they hinted at potential decreases later in the year. However, with only six more meetings left in 2024, the window for action is narrowing. Economic indicators like a strong labor market and positive GDP numbers suggest that the economy doesn't need immediate stimulation, which complicates the timing of potential rate drops.
Despite this, there is hope that rates might decrease in the coming months. The looming political agenda also plays a role, as politicians aim to improve public sentiment by November. However, if rates do go down, we warn of a potential rush of buyers leading to bidding wars and inflated housing prices. This scenario echoes 2021, when affordable housing became scarce. Housing affordability remains a pressing concern nationwide, as buyers eagerly await lower rates and more inventory to enter the market.
In this episode, you’ll learn:
- Potential rate decreases later in the year
- How positive economic indicators influence the timing of future decreases
- How political agendas might impact interest rates
- How potential rate drops could lead to bidding wars and inflated housing prices
- How buyers are waiting for lower rates and more inventory
- How sellers' hesitation contributes to market challenges.
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Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497
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📌More Helpful Content:
▶️The Myths and Truths About Credit Inquiries: https://youtu.be/d_RQJnTsVPE
▶️Why You Should Use A Local Lender: https://www.youtube.com/watch?v=shkijZmEonA ▶️How to Buy A House With Low Income: https://www.youtube.com/watch?v=OcyjWe0snWU
▶️Using Rental Income To Qualify For A Mortgage: https://www.youtube.com/watch?v=kv0eXzl1YUo
To contact us visit www.loanwithjen.com
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