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What Mortgage Rate Do You Need To Move?

If you’ve been dreaming of owning a home but have hit pause due to mortgage rate concerns, you’re not alone. Last year’s spike in rates caused many prospective buyers to rethink their plans, but there’s good news on the horizon.

Data from Bright MLS reveals that high mortgage rates were the primary reason buyers delayed their moves. However, industry experts like David Childers, CEO at Keeping Current Matters, suggest a shift in the mortgage rate landscape for 2024.

In a recent How’s The Market podcast, Childers noted that three-quarters of buyers postponed their plans due to rates but hinted at upcoming changes: “That will change in 2024.” Projections indicate a downward trend in rates throughout the year, potentially dipping below 6% by year-end. reinforces this sentiment, emphasizing that many aspiring homeowners are eagerly awaiting mortgage rates to fall below the 6% mark. With optimism in the air, now might be the perfect time to reassess your plans.

Consider the question: What mortgage rate would prompt you to make your move? Whether it’s 6.5%, 6.25%, or below 6%, having a target rate in mind is crucial.

Once you’ve set your threshold, partner with a local real estate professional who can keep you informed about market developments. They’ll be your ally, notifying you when rates align with your target.

So, if you’ve paused your homebuying journey due to mortgage rate concerns, it’s time to revisit your plans. With the potential for rates to become more favorable, the path to homeownership may be closer than you think.

Ready to unlock your move? Let’s connect and discuss your ideal mortgage rate threshold. Together, we can navigate the market and ensure you’re poised to make your move when the time is right.

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