Mortgage rates have hit a new low for 2024!
This could spark a surge in home buying and investment.
Rates have started declining due to the Fed’s announcement of a likely rate change in September and last Friday’s weaker jobs report. Our information suggests it could be as high as 50 basis points (half a percent), potentially pushing mortgage rates lower still. Housing inventory has increased in both the existing market and new construction sector. A continued measured rise in construction coupled with decreasing rates could lead to a welcome uptick across all our business lines. We seem well-positioned for this opportunity.
Source: Clow, C. (2024, August 1). Mortgage Rates Drop to Lowest Level of 2024. HousingWire.
