$\"Some$ \n

There\u2019s a lot of confusion in the market about what\u2019s happening with day-to-day movement in mortgage rates right now, but here\u2019s what you really need to know: <\/span>compared to the near 8% peak last fall, mortgage rates<\/a> have trended down overall. <\/p>\n

And if you\u2019re looking to buy<\/a> or sell a home<\/a>, this is a big deal. While they\u2019re going to continue to bounce around a bit based on various economic drivers (like inflation and reactions to the consumer price index, or CPI), don\u2019t let the short-term volatility<\/a> distract you. The experts agree the overarching downward trend should continue<\/a> this year. <\/p>\n

While we won\u2019t see the record-low rates homebuyers got during the pandemic, some experts think we should see rates dip below 6% later this year. As Dean Baker, Senior Economist, Center for Economic Research<\/em>, says<\/a>:<\/p>\n

\u201cThey will almost certainly not fall to pandemic lows, although <\/em>we may soon see rates under 6.0 percent, which would be low by pre-Great Recession standards.<\/em><\/strong>\u201d<\/em><\/p><\/blockquote>\n
And Baker isn\u2019t the only one saying this is a possibility. The latest Fannie Mae<\/em> projections also indicate we may see a rate below 6% by the end of this year (see the green box in the chart below<\/em>):<\/p>\n
\u00a0 $\"a$ <\/a><\/p>\n\n
The chart shows mortgage rate projections for 2024 from Fannie Mae<\/em>. It includes the one that came out in December<\/a>, and compares it to the updated 2024 forecast they released just one month<\/a> later. And if you look closely, you\u2019ll notice the projections are on the way down. <\/p>\n
It\u2019s normal for experts to re-forecast as they watch current market trends and the broader economy, but what this shows is experts are feeling confident rates should continue to decline, if inflation cools. <\/p>\n
What This Means for You<\/strong><\/h4>\n
But remember, no one can say for sure what will happen (and by when) \u2013 and short-term volatility is to be expected. So, don\u2019t let small fluctuations scare you. Focus on the bigger picture. <\/p>\n
If you\u2019ve found a home you love in today\u2019s market \u2013 especially where finding a home that meets your budget and your needs can be a challenge \u2013 it\u2019s probably not a good idea to try to time the market and wait until rates drop below 6%. <\/p>\n
With rates already lower than they were last fall, you have an opportunity in front of you right now. That\u2019s because even a small quarter point dip in rates gives your purchasing power<\/a> a boost.<\/p>\n
Bottom Line<\/h3>\n
If you wanted to move last year but were holding off hoping rates would fall, now may be the time to act. Connect with a real estate agent to get the ball rolling.\u00a0<\/span><\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
There\u2019s a lot of confusion in the market about what\u2019s happening with day-to-day movement in mortgage rates right now, but here\u2019s what you really need to know: compared to the near 8% peak last fall, mortgage rates have trended down overall. And if you\u2019re looking to buy or sell a home, this is a big […]<\/p>\n","protected":false},"author":1,"featured_media":4596,"comment_status":"registered_only","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12],"tags":[29,27,20,18,28],"class_list":["post-4595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-insight","tag-idaho-real-estate","tag-north-idaho-homes","tag-rain-silverhawk","tag-real-estate","tag-sandpoint-idaho"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t