Where is the market headed as we approach 2024? Well, we finally have some good news for you all.

Mortgage rates are actually starting to come down and are now in the mid-7 range. Since mid-October, we have been seeing some promising moves.

Consumer Price Index

The CPI is showing that inflation is coming down. A lot of this has to do with shelter costs which is at 44%. Inflation is now closer to 2.9% versus the current 6.7% that is being reported in the CPI. We are happy to finally see some positive reports.

The core CPI has also seen a two-year low with gasoline, airlines, and other major contributors are down.

What does that mean for us?

The Fed is going to start cutting their rates sooner rather than later.

Market Expectations of Fed Hikes/Cuts

After yesterday’s CPI report, the market is now expecting the Fed to turn things around and cut rates sooner than expected. For more specific information on these percentage cuts, watch the video above.

Housing Market Predictions for 2024

“Housing sales are expected to increase a bit from this year.” This sounds great as rates are expected to lower. However, it’s going to be a seller’s market. What does that mean? “there are simply not enough homes for sale.” The market could absorb a doubling of inventory. More homes on the market will be a great thing!

Is this a good time to buy? Yes…marry the home, date the rate. Buy now and refinance later!
 

Mark Pfeiffer

Branch Manager
Loan Officer, NMLS # 729612
972.829.8639
MortgageMark@MortgageMark.com

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Mark Pfeiffer is a Mortgage Loan Originator with CMG Home Loans and a veteran of the mortgage industry since 2003. Mark is responsible for ensuring all loans originated by the Mortgage Mark Team offer competitive terms and close on-time.

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