When are interest rates gonna come down? Here's the thing I wish I knew. Nobody knows.

What the Federal Reserve says

The Federal Reserve keeps saying like, “yeah, we're gonna actually start to drop rates now that we're in 2024,” except the thing is they haven't. And the last thing that they said now that we're in the spring, is that, “oh, yeah, it actually may not be a little, until later in the year.” So, who knows? The problem is every time there's a new inflation report it's too high for them. So, they don't want to cut interest rates. The federal government pumped a bunch of money into the economy to help get the economy back on track after COVID. And now we're all kind of left holding the bag.

My advice

So, if you're waiting to buy a house until interest rates go down, it might be a little bit or certainly is not gonna get back to the threes we were used to over the last couple of years. My advice is bite the bullet, buy with a higher interest rate, refinance down the road because the very second the interest rates come down, the housing market is going to go way up. It hasn't really suffered all that much. There's a lack of inventory and that's kept prices kind of stable. But the minute interest rates start to drop, there's going to be even more buyers that poured in and home prices- guess where they're going to go? Just my two cents.

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