If you've been thinking about buying a home, mortgage rates are probably top of mind for you, They may even be why you've put your plans on hold. When rates climbed near 8% last year, some buyers found the numbers just didn't make sense for their budget anymore. That may be the case for you too. 

Data below shows the top reason buyers delayed their plans to move is due to high morgage rates (see graph below):

Mortgage rates have come down from their peak last October. And while there's still day-to-day volatility in rates, the longer-term projections show rates should continue to drop this year, as long as inflation is under control. Experts even say we could see rates below 6% by the end of 2024. And that threshold would be a game changer for a lot of buyers.

While mortgage rates are nearly impossible to forcast, the optimism from the experts should give you insight into what's ahead. If your plans were delayed, there's light at the end of the tunnel again. That means it may be time to start thinking about your move. The best question you can ask yourself right now, is this:

What number do I want to see rates hit before I'm ready to move?

The exact percentage where you feel comfortable kicking off your search again is personal. Maybe it's 6.5%. Maybe it's 6.25%. Or maybe it's once they drop below 6%. It might be best to connect with a mortgage professional to help you make the most informed decision. 

Once you have that number in mind, give me a call. I'll help you stay informed on what's happening and when rates hit your target, I'll be the first to let  you know.

The Fed just announced that their Fed rate will not change this month. The next movement could come in June. There are some that say they expect rates to drop and others that do not expect them to drop. Inflation data in April and May should give us better guidance on what to expect. To put this into perspective, below are rates from Mortgage News Daily for this week.

Bottom Line - Spend this time getting prepared. Know youre number and be ready to begin looking once you see it! 

If buying or selling a home is in your future, I'm ready when you are! 

Looking for your next San Angelo home, go to Search San Angelo Homes for Sale.

Want to know what is going on in or around San Angelo? Check out my Key Events, I hope to see you there. 

LaFreta White, Assoc. Broker | Realtor @ ERA Newlin & Co. | 325.656.6896 | lafreta@sanangeloera.com