Great news for homebuyers and homeowners in the East Bay area! Experts are forecasting a brighter 2024 with mortgage rates expected to decline in the latter half of the year.
Following December’s Federal Open Market Committee meeting, there’s growing anticipation for rate cuts this year. While some predict up to six rate cuts in 2024, recent economic trends have caused a shift in market expectations.
Despite the delay in March’s rate cuts due to a robust economy, reports of stronger-than-expected job growth and steady inflation have rekindled optimism. While the market’s sentiment has fluctuated, many still anticipate favorable rate adjustments ahead.
Currently, Freddie Mac’s weekly Primary Mortgage Market Survey is nearing 7%. While rates have seen some fluctuation, they remain competitive compared to recent highs earlier this year.
Stay tuned for more updates, and remember, I’m here to guide you through these changes and help you make informed decisions in the ever-evolving housing market. Let’s navigate this journey together!