11/07/2024
Now that the election is over, let's look at mortgage trends and what they could mean for buyers and sellers! 🏡 Historically, we've seen a slight drop in mortgage rates (around 0.25%) following presidential elections, with a potential further dip in December. 📅
You might recall the FED’s 50 basis point rate cut in September, which briefly lowered rates before they climbed again. Yet, we’ve noticed an uptick in new applicants and credit pulls recently. And with the possibility of another rate cut this year, there's optimism in the market! 📈
According to National Mortgage News, 79% of mortgage pros believe the Fed factors political considerations into its policy decisions. This influence could create an advantage for well-prepared buyers. Since 2004, home sales and prices have generally risen in the months following elections—except in 2008, when the Great Recession shook things up. 🔍
Imagine the competitive landscape when all the paused buyers jump back in! For Texas buyers, the 2025 "conforming loan limit" increase to $802,650 could help avoid JUMBO pricing—meaning more flexibility and opportunity. Now’s the perfect time to connect with a savvy mortgage banker who can guide unique buyer scenarios, especially first-time buyers.
Let’s plan for a marathon, not a sprint! 🏁 If you're ready to navigate these shifts and find opportunities, contact me to set up a discovery call and start planning.
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