Mortgage rates have dropped for the eighth consecutive week.
The 30-year mortgage rates, for example, decreased to 6.83% from 7.07%
This should be good news for potential homebuyers nationwide.
However, even with mortgage rates reaching their lowest since June…
The Mortgage Bankers Association (MBA) noticed something strange.
Borrower activity remains subdued.
Applications for refinancing home loans fell by 2%.
And home purchase loan applications decreased by 1% week-over-week.
This is because, despite the decline, a 6.83% mortgage rate is still high for many.
Hence, the challenges for potential homebuyers and homeowners looking to sell.
But despite recession forecasts and the recent drop in demand, the Mortgage Bankers Association (MBA) remains optimistic about the market’s trajectory.
Mainly because the Federal Reserve’s indications of interest rate cuts in 2024 have increased expectations for lower mortgage rates next year.
If you’re a potential homebuyer, this should be good news.
However, I wouldn’t bank on the Fed’s ability to do what is needed. (Who knows when they’ll cut rates and whether it would move the needle for homebuyers?)
Instead, I encourage you to seek better opportunities to build wealth outside the traditional money maze many people are stuck in. This way, you can proceed with your homebuying plans regardless of what happens with mortgage rates.
For more insight, see 1 trading approach that makes your dream home a reality.
Wishing you a blessed day,
Author: Anthony Speciale
Anthony Speciale Jr. Born and raised into a blue collar family in the suburbs of Northern New Jersey, I have in recent years put down the wrenches I’ve been turning for the better part of my entire life and have become a professional energy trader. My mother was a nurse practitioner and my father was an auto mechanic. I had literally watched both of my parents work endless hours with their hands throughout their entire lives and after loosing my mother at a young age to cancer, I had decided I wanted a different future than the path I was currently on. At a young age I was a struggling student who didn’t excel very well academically and college wasn’t really in the cards for me, but I was always a disciplined worker. When I had put my mind to something, there was nothing that was going to stop me from reaching and exceeding my goals I had set for myself. So, as life had evolved, so did my desire for freedom. It was never much about the money for me, but it was about the success and the freedom that accompanied that success. Over a decade ago, I decided to specialize in just one sector of the market. I knew that I only needed to be proficient at just one area of the market to achieve the goal I had set forth. Trade passively while producing massively. Well, that’s exactly what I did. After several years of failed attempts, endless education, trial and error - I had finally yielded myself the success and freedom I was desiring. After making myself over $1,000,000.00 trading this very method, it was time to share my success with those who also desire the freedom I did. After a lot of work, time, effort and sacrifice - Big Energy Profits went from merely a concept into a very real reality.