Everyone’s waiting for rates to fall. And according to NAR, the magic number they’re hoping for is 6%. But is that number on the horizon?
Most forecasts say rates will stay in the mid-to-low sixes through the end of next year. But right after the latest weaker than expected jobs report, rates hit their lowest point so far this year (6.55%). And that sparked hope they’re on their way down.
Ultimately, what happens from here all depends on the next round of economic reports. As of right now, experts agree a bit drop isn’t expected, but small changes are possible. Here’s what to watch.
When rates do fall to 6%, it could unlock 5.5 million more buyers. So waiting would mean dealing with a lot more competition. And less negotiating power.
If you’re hoping to buy and you’re able to make the numbers work today, buying now might actually be to your advantage.
Want to talk about your options before the rush hits?
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Paulo Rodriguez and/or related companies do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Paulo Rodriguez and/or related companies will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
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