What to expect when rates drop

As we mentioned last week, mortgage rates actually increased slightly, but certainly the trend is downward with rates below 7%. While most analysts expect this trend to continue. they anticipate the decline will be gradual. Some expect mortgage rates to fall to 6% by the end of 2024 and close to 5.75% by the close of 2025.

And, while this is certainly good news for home buyers, it also means that the competition for homes is going to increase. Of course, as demand increases, prices will certainly edge up.

Finally, everyone agrees: if you see a home you love, move fast!

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