Don't Wait, the Time is Now!

In 2022, the Federal Reserve instituted policies to bring down inflation. These policies resulted in a rise in mortgage rates and decreased buyers purchasing power in the housing market. While we are now starting to see inflation rates drop -- which is decreasing the mortgage rates – buyers shouldn’t expect to see the low mortgage rates of 2021.

Greg McBride, Chief Financial Analyst at Bankrate, predicts that, despite how much mortgage rates might fall this year, you should not expect a return to the 3% mortgage rates that we enjoyed in 2021.

If you are a hopeful buyer that paused your dream of owning a new home due to rate increases, the drop in mortgage rates is bringing back your purchasing power. This drop in mortgage rates is an excellent indicator that it is the perfect opportunity for buyers to jump back into the housing market.

For buyers that remain wary, it is important -- when trying to understand the housing market -- that you have realistic expectations about what you might expect. If you are considering buying a home, you might be surprised by what even a mild drop in the mortgage rates can do for your budget. A knowledgeable real estate agent can help you understand the current market in your area to help you find the best properties for your budget.

At DwellHop, we’re happy to assist you every step of the way as you look forward to purchasing your dream home!