What are mortgage rate predictions for 2024?
The 2023 fears of “how high will they go” appear to be gone. Most forecasters say rates will dip towards the end of the year. There’s obviously outside factors that can disrupt that, but we’ve likely peaked and have started to stabilize in the 6% range. A large number of potential homebuyers are still locked in great interest rates and not looking to make a housing change until rates go down.
Advice for getting a mortgage now?
Have a plan and be prepared. Know the current rates and lending environment. Take the time to meet with your lender, banker or broker to gain a true understanding of the cost and payments of what you want to do.
Is now a good time to refinance?
It's good if you took out a mortgage in 2023. If you can knock off 1% or more from your interest rate, then refinancing makes sense. A further reduction in rates would offer much needed support for a number of homeowners that made housing-related decisions in the past 12-18 months.
What are ways to get a lower mortgage refinance rate?
You can buy an interest rate down, but this doesn’t always make sense when it’s your personal funds as it takes time to recapture that cost. You can also negotiate a seller to buy down your interest rate in your contract or seek homebuilders who are offering bought down interest rates at new home communities. austinbates.vipmtginc.com