Like a Sinking Ship, Mortgage Rates Are Taking a Dive
Now is the perfect time to buy your dream home
Mortgage rates are finally dipping after doubling at the beginning of 2023. While fluctuating rates can make home financing feel uncertain, a rate drop often sparks heavier buyer competition. If you have your eye on a house, there’s no time like the present to make that purchase—refinancing can be an option down the road.
Investigate Buying a Home Now
Rates remain higher than in the past 20 years, which has made many homeowners reluctant to sell. Inventory is low, and potential buyers are watching closely. When rates decrease, competition for available homes is likely to intensify quickly.
Because today’s listings aren’t getting the attention they might in a hotter market, Coulee Bank is offering a housewarming gift to sweeten the deal: purchase a home now and receive *$500 off closing costs through the end of February.
Think long-term when weighing the timing of your purchase. Waiting for rates to fall could mean facing bidding wars and escalating prices—often tens of thousands over asking. Buying now with a slightly higher rate and refinancing later can be a smarter financial move.
When Rates Drop, You Can Refinance
The Federal Reserve has indicated that rate cuts are on the horizon, so remember the common advice: “date the rate and marry the house.” Interest rates won’t stay elevated forever.
If you purchase a home with Coulee Bank before June 30, 2024, you’ll also have the opportunity to refinance within three years of closing and receive up to $1,000 in lender credits.
**These credits can offset out-of-pocket expenses that typically range from $150 to $1,000.
Connect with a Coulee Bank Mortgage Loan Officer to explore your options. We can help you open the door to your new home.