Welcome to a new edition of our informative blog, keeping you in the loop on the ever-evolving mortgage landscape! This edition dives into key trends shaping the 2024 mortgage experience, offering valuable insights for both homebuyers and homeowners.

Interest Rates: A Balancing Act

Mortgage rates, a significant factor in affordability, have remained higher than expected in 2024. While some predicted a decrease, rates currently hover around 7%, a noticeable increase compared to pre-pandemic levels. The Federal Reserve's decisions will continue to play a major role in how mortgage rates fluctuate throughout the year.

Affordability Concerns Remain

The combination of higher interest rates and rising home prices has created a squeeze on affordability for many potential homebuyers. This trend is expected to persist in 2024, potentially pushing some buyers out of the market.

Is a Housing Market Crash Likely?

Experts generally agree that a 2024 housing market crash is unlikely. Unlike the 2008 crisis, homeowners today hold significant equity in their properties. However, a period of stabilization with more balanced inventory levels is a distinct possibility.

A Glimpse of Hope for First-Time Buyers?

While affordability presents challenges, some experts predict a potential increase in available inventory later in 2024. This could present a window of opportunity for first-time homebuyers to enter the market.

The Rise of Adjustable-Rate Mortgages (ARMs)

With fixed-rate mortgages becoming less affordable for some, adjustable-rate mortgages (ARMs) might see a rise in popularity. ARMs offer lower initial rates but come with the risk of adjustments in the future. Carefully consider your financial situation and risk tolerance before opting for an ARM.

Your Trusted Partner in the Mortgage Maze

In today's complex market, having a qualified mortgage lender by your side is crucial. At MIRA, our experienced team stays informed on market trends and can guide you through the loan application process, ensuring you find the best mortgage option for your needs.