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Like a Sinking Ship, Mortgage Rates are Taking a Dive

Now is the perfect time to buy your dream home

Mortgage rates are finally taking a dip after doubling at the beginning of 2023. While the fluctuating rates may concern you about financing a home, when rates go down, the competition heats up. If you have your eye on a house, there’s no time like the present to make that purchase. Refinancing is an option in the future.

Investigate Buying a Home Now

Rates are higher than we have seen in the past 20 years making homeowners reluctant to sell. Ethan Jerue, Mortgage Loan Officer (NMLS#2522982) at Coulee Bank in Onalaska says, “The critical piece people need to understand is that inventory is low and there are a lot of potential buyers. When rates drop, you’ll end up competing with a lot more people.”

Because homes on the market aren’t getting the attention they deserve, Coulee Bank is offering a housewarming gift to sweeten the deal. If you buy now while the market is less competitive, you’ll receive $500 off closing costs through the end of February.*

Jerue says to think long-term because the housing market reacts quickly. Waiting for mortgage rates to decrease means housing prices will skyrocket. “You’ll likely be paying $20,000-$50,000 over the asking price! At that point, you have to ask yourself, should I overpay for a home or purchase one now with higher interest rates and refinance later.”

When Rates Drop, You Can Refinance

The Federal Reserve recently stated that it’s only a matter of time before the rates drop, so Jerue’s advice is to ‘date the rate and marry the house.’ Don’t become fixated on the fluctuating rates, they won’t be this way forever.

When you find your dream home, we have another sweet deal. Purchase a home with us before June 30, 2024, and not only do you get to own your dream home, but you also have the opportunity to refinance your home within three years of the closing date and receive up to $1,000 in lender credits.**

Lender credits cover those out-of-pocket expenses you are charged when you refinance. The charges can range from $150 to $1,000.

Connect with a Coulee Bank Mortgage Loan Officer for more options. We can open the door to a brand new home.

*Offer good on applications received through 2/29/2024. Value is limited to $500. Cannot be redeemed for cash. Offer subject to credit approval. Offer good on owner occupied purchase mortgage only. Other restrictions apply. Contact Coulee Bank for details.

**This is not an offer or a commitment to lend as defined by Section 12CFR 1026.2 Regulation Z. Interest rates and product are subject to change at any time without notice or may not be available at the time loan commitment or lock. All loans must satisfy bank underwriting guidelines.