FEBRUARY 2024 – RESIDENTIAL MARKET UPDATE

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Mortgage Rates are trending downward, but the recent spike has some buyers feeling discouraged. The Fed’s have signaled that they will be reducing the Fed’s funds rate in 2024 and the bond market rallied, which significantly improved mortgage rates. Unfortunately, it was short lived as the Consumer Price Index (CPI), which is a key metric to track inflation, came in higher than projected. Add that to a strong jobs report and it’s the perfect recipe for the bond market to react and mortgage rates to spike. Mortgage Rates are a big factor that can dictate the affordability of a buyer and the list price for a seller on a new listing. Even with the recent mortgage rate volatility, low inventory is creating competition and sellers are benefiting from that demand. Rates will continue to come down in 2024 and we can help you make big decisions by providing the information you need. We can help you buy, sell, with your home loan, and property management. We truly are a full-service residential brokerage who can help you navigate a fast-moving market better than anyone, give us a call.
– Martin