Homebuyer Demand on the Rise Amid Stabilized Rates
Lisa Mailhot | October 7, 2024
Buyers
Lisa Mailhot | October 7, 2024
Buyers
With mortgage rates finding some stability, the latest data reveals a surge in homebuyer activity. A recent survey from the Mortgage Bankers Association (MBA) shows a significant 9% year-over-year increase in purchase loan applications. This uptick reflects growing consumer confidence and a response to expanding housing inventories.
Mortgage rates saw a low of 6.03% in mid-September, but have since increased slightly due to the Federal Reserve's cautious approach to rate cuts. While rates are up modestly, the forecast indicates they could dip below 6% by 2025, aligning with the spring homebuying season—traditionally a high-activity period in real estate.
The Federal Reserve recently cut rates, signaling a more gradual approach moving forward. According to Fed Chair Jerome Powell, “As we consider additional policy adjustments, we will carefully assess incoming data, the evolving outlook, and the balance of risks.” Powell's remarks at a recent conference underscored the Fed’s balanced strategy as it aims to curb inflation without causing significant economic disruptions.
Investor interest in the bond market continues to influence mortgage rates. While recent dips in rates have sparked a wave of refinancing activity, refi demand has surged 186% from a year ago. Forecasts from the MBA and Fannie Mae anticipate mortgage rates will hover around 6% by late 2024, offering prospective homebuyers a more favorable landscape.
The current market trends suggest now might be the time for aspiring homeowners to take action. If you’re considering a move to the vibrant communities of Orange County, let’s connect! Whether you’re looking to buy or sell, I'm here to help you navigate the market and find the best opportunities.
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124 Tustin Ave Suite 200, Newport Beach, CA 92663
