Mortgage Rate Buzz

The housing market has been a whirlwind. Here, securing a mortgage now could be a strategic move, even with interest rates predicted to fall in the latter half of 2024. Let's unpack why.

The upcoming election has many thinking that mortgage rates could continue to drop later this year. This could trigger a surge in buyer activity, making an already competitive market even hotter.

If you're financially prepared to buy, locking in a mortgage now could shield you from the future bidding wars. Remember, you can always refinance later to snag a lower rate. But with rising competition, overpaying for a home becomes a higher possibility.

It has been an interesting season here in the greater Seattle and Bellevue markets - one of our recent listings had over 50 potential buyers view the home in 3 days. This is a trend we're likely to see continue, potentially intensifying as rates drop.

The market we are seeing now is a textbook seller’s market. By securing a mortgage now, you can potentially avoid the future frenzy and focus on finding your dream home. Remember, competition can cloud judgment, so securing financing beforehand can be a strategic move.

What's Happening in Your Market?

This blog post is just a glimpse into the Seattle market. We'd love to hear from you! Reach out and share your experiences and observations, and please let us know any questions you may have.

We just uploaded a video going further into detail about what these mortgage rates mean for the housing market. Click the Watch Video below to learn more.