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A quick recap: A year ago, at the end of 2022, rates were at 6.54%. A year later, we're at 6.64%, pretty much the same. Not a big difference. That said, it was a real rough ride in 2023 as rates peaked in October, cresting over 8%.
The good news is rates have dropped about 1.4% since the peak and the trend is still looking like improved rates ahead. The primary influencer this year on the direction of mortgage rates has been inflation. We have seen a continual decline throughout the year, and it appears this trend will continue.
One thing that has propped up the economy is consumer spending. The Fed is watching that closely. Will that continue, or will there be a huge hangover in 2024? Credit card debt is at an all time high - over $1 trillion - and the savings rate is nearing an all time low. We're doubtful consumers will keep spending at the same levels. We've talked about this before, and we think it could continue and come into play in 2024.
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The information contained is the viewpoint of the presenter(s). Individuals should consult their own financial representative.
Estimated Mortgage Payment is for exemplary purposes only. Contact a licensed loan officer for exact numbers and APR. Additional rates and terms may apply and are subject to change without notice. Loan scenario assumes a purchase price of Zillow's list price and a 10% down payment. Points and fees not included. Property tax, homeowners insurance, mortgage insurance, and HOA fees are approximate and may vary. Other fees may apply. Product displayed is a conventional 30-year fixed rate mortgage using the current average rate as shown on Mortgage News Daily (mortgagenewsdaily.com).
Estimated Qualifying Income assumes a homebuyer has a FICO score above 740, no other credit debt, and a debt-to-income (DTI) ratio of 43%.
For exact numbers and APR or to run a loan scenario based on your own credit and income, contact our office at (858) 259-8700.
Rate Source: Mortgage News Daily. Rates displayed are approximate, subject to change, and do not necessarily reflect rates available to you. MND’s methods involve an objective component based on lenders' raw prices as well as a subjective impression from their network of originators. For more information about how these rates are calculated, visit www.mortgagenewsdaily.com/mortgage-rates/about.
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Equal Housing Opportunity. All loans subject to underwriting approval. Certain restrictions apply. Call (858) 259-8700 for details. All borrowers must meet minimum credit score, loan-to-value, debt-to-income, and other requirements to qualify for any mortgage program. CrossCountry Mortgage, LLC is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the federal government. CrossCountry Mortgage, LLC is not affiliated with or acting on behalf of or at the direction of the Veteran Affairs Office or any government agency. Certificate of Eligibility required for VA loans. By refinancing, the existing loan total finance charges may be higher over the life of the loan.
