Everyone’s waiting for rates to fall. And according to NAR, the magic number they’re hoping for is 6%. But is that number on the horizon?
Most forecasts say rates will stay in the mid-to-low sixes through the end of next year. But right after the latest weaker than expected jobs report, rates hit their lowest point so far this year (6.55%). And that sparked hope they’re on their way down.
Ultimately, what happens from here all depends on the next round of economic reports. As of right now, experts agree a bit drop isn’t expected, but small changes are possible. Here’s what to watch.
When rates do fall to 6%, it could unlock 5.5 million more buyers. So waiting would mean dealing with a lot more competition. And less negotiating power.
If you’re hoping to buy and you’re able to make the numbers work today, buying now might actually be to your advantage.
Want to talk about your options before the potential rush hits? Call or text me anytime 702-275-6817
