Henri Gourd 914-954-3897 henrigourd@bhhsne.com Mortgage interest rates Mortgage rates are falling and the consensus is that they will continue to fall as the Fed is expected to lower its benchmark rate well into 2024. This will have a positive impact on the housing market. Banks will see a market uptick in mortgage applications as homeowners race to refinance their recently purchased mortgages and new homebuyers decide they can take the initial plunge. Buyers should be proactive in reaching out to their lender. Another reason for buyers to make talking to their lender a priority is that the lower rates will increase the number of other buyers competing for a still tight supply of homes. It is to a buyer's advantage to go down the loan approval road as far as possible, beyond a pre-qualification to a pre-approval, by submitting tax records, etc. to the lender. This will shorten the time it takes to get final approval for the mortgage, putting you in a more competitive position when making an offer. With the increase in the number of new buyers, home prices will face upward pressure so it pays to get ready to make an offer as early as possible. Trying to time a market to get the absolute lowest rate is never a good idea. Do your homework ahead and get ready to move quickly to secure the home. If rates continue to fall, you can refinance later. BERKSHIRE HATHAWAY Home Services New England Properties Selling it all, from cottages to castles! Henri Gourd 914-954-3897 henrigourd@bhhsne.com Mortgage interest rates Mortgage rates are falling and the consensus is that they will continue to fall as the Fed is expected to lower its benchmark rate well into 2024 . This will have a positive impact on the housing market . Banks will see a market uptick in mortgage applications as homeowners race to refinance their recently purchased mortgages and new homebuyers decide they can take the initial plunge . Buyers should be proactive in reaching out to their lender . Another reason for buyers to make talking to their lender a priority is that the lower rates will increase the number of other buyers competing for a still tight supply of homes . It is to a buyer's advantage to go down the loan approval road as far as possible , beyond a pre - qualification to a pre - approval , by submitting tax records , etc. to the lender . This will shorten the time it takes to get final approval for the mortgage , putting you in a more competitive position when making an offer . With the increase in the number of new buyers , home prices will face upward pressure so it pays to get ready to make an offer as early as possible . Trying to time a market to get the absolute lowest rate is never a good idea . Do your homework ahead and get ready to move quickly to secure the home . If rates continue to fall , you can refinance later . BERKSHIRE HATHAWAY Home Services New England Properties Selling it all , from cottages to castles !