THIS WEEKS MORTGAGE UPDATE: INTEREST RATES PLUNGE

THIS WEEKS MORTGAGE UPDATE:

The holiday season is delivering early gifts to would-be buyers.

Having climbed relentlessly for most of 2023, from just below 6% to just over 8%, average 30 year mortgage rates have plummeted in recent weeks to mid 6’s. Woohoo! Furthermore, with inflation continuing to trend lower, the markets are increasingly convinced that the Fed it’s done hiking rates and could start CUTTING rates in the first half of 2024.

Other big news is the new loan limits for 2024. In San Diego County, the Conventional limit is up to $766,550 and the high loan limit is up to $1,006,250. Most lenders begin using these new limits right away.

It’s beginning to look a lot like Christmas. 🙂

*No points purchased. Rates are based on 30 year fixed with excellent credit score and 20% down. This is just an estimate. Rates may vary.
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Kara Brem REALTOR®
DRE Lic. #01939667
(831) 818-3050
kara@karabrem.com