How will mortgage interest rates impact home buyers spring 2024

Anxiety is contagious. Prospective home buyers watch daily rates closely and sometimes jump to make an offer when there is a dip in the mortgage rates. After all, the monthly mortgage home buyers will pay can fluctuate by more than 100 dollars.

In these volatile times, it's best to leave the forecasting to the experts who are having a difficult time predicting where rates will be by the end of spring 2024. See the mortgage rate impact sheet below and learn how a higher interest rates will impact your monthly mortgage payments.

The bottom line for home buyers in Washington DC, Maryland and Virginia-purchase a home when it is right for you. Mortgage rates will remain unpredictable through the spring so find a lender who will provide lots of options and choose what works best for you.

There are local lenders who offer no cost refinancing options which means you can buy a home now at the current interest rate and refinance later when rates stabilize. Most important, learn what loan options work best, understand the components of a contract offer, learn what contingencies to include in an offer and how to give a home seller what they want without compromising your financial security.

Credit for pdf: Dr. Lisa Sturtevant Bright MLS economist

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The exclusive buyer agents at HomeBuyer Brokerage specialize in serving home buyers. Please reach out with questions at info@homebuyerbrokerage.com.