As the final weeks of 2024 quickly approach, we've begun experiencing some post-election calm in the rate market. While rates are still higher than we'd like, we're ultimately heading towards a light at the end of the tunnel. The most recent Fed meeting produced a 0.25% reduction in the Fed Funds Rate and with one final meeting before the end of the year, it remains to be seen how the Fed will lower (or not lower) rates again. Remember, movement in how the Fed sets the Fed Funds Rate does not mirror interest rates charged by lenders in a 1:1 correlation, but it does help paint a picture of how the Fed members interpret economic data and the progress made in curbing inflation.
Buyers in the Charlotte Metro market are still well-positioned to purchase now rather than waiting for rates to bottom out (whenever that may be) and paying 5%, 10%, or even 20% more for the same home in a year or two. Appreciation values in our area are strong and with a busy spring approaching, stomaching a higher interest rate on a mortgage now and refinancing later seems far preferable to waiting.
About IntroLend Carolinas
IntroLend Carolinas is a mortgage marketplace that allows you to compare your options side-by-side, giving you the confidence to know you are receiving the best possible rate and terms. Helen Adams Realty has dedicated finance managers in their offices who have been in the mortgage and customer service industries for decades and understand how to take great care of any borrower in any scenario.