Will Your New Years Resolution Be To Buy A House?
Scott P. Rogers
For whatever reason, the close of one year and the start of a new year cause many of us to pause and reflect on the big picture. What do we hope will remain the same in the new year? What do we hope to change in the new year?
If you are considering a home purchase in the new year, here's one bit of welcome news...
Mortgage interest rates have been falling steadily for the past eight weeks!
In October, the average 30 year fixed mortgage interest rate peaked at 7.79%. Since that time, they have dropped all the way down to 6.67%.
Rates actually started the year (Jan 2023) at 6.48% -- so we're closing out the year a touch higher than that, but things are headed in the right direction.
It definitely seems possible that we'll see mortgage interest rates between 6% and 6.5% some time in the first few months of 2024.
So, if your new years resolution is to buy a home, let's set up a time to meet to discuss the process and the market -- and you should talk to a lender sooner rather than later to get prequalified for a mortgage.
