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Buy Before Rates Go Down

Happy Thursday – I hope you are doing well. The FED met yesterday and said they are taking a pause on rate hikes but expect more this year. Based on this we are going to continue to see rates in the mid to high 6’s this year.

However, this is not all bad news. As I have mentioned previously, our biggest issue is inventory and when rates do drop, it is going to get worse. Right now, we are seeing 4 – 6 offers on most properties which means you must compete and pay more for the property. Once rates do drop, I expect to see even more competition which will drive up home prices. So, if you are in a position to still qualify for a home and stay within your budget then you should buy now and when rates drop you can just refinance while everyone else is competing to win their offer.

I know I have said this multiple times, but I still hear people that can qualify say they are going to wait for rates to drop so I wanted to emphasize how important this is again. Once you know your budget, look for homes now and take the home off the market while you can. You will look back in a few years and be glad to you did.

As always, please call us if you want to discuss your budget and we will make sure you are looking at the right homes.

Weekly Newsletter

Stewart Sadler

Managing Partner

Cornerstone Mortgage Group

Georgia Residential Mortgage Licensee: 21412 • Company NMLS: 147913 • Individual NMLS: 147938

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