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Mortgage Rates & Home Buyers

Friday, January 31, 2025   /   by Maria Sims

Mortgage Rates & Home Buyers

Mortgage rates are holding steady. While this may seem insignificant given the higher percentages, the stability of mortgage rates carries significant implications for buyers and the broader housing market. Did you know that 100% financing for FHA, USDA, and VA loans is possible? Also, did you know that there are lots of local cities that offer specific grants? If you have no idea how to navigate these waters, we have experts here that are happy to explore options with you.

One of the biggest advantages in today's market is the expectation that mortgage rates will remain steady in the coming months. While these rates may not match the historic lows of previous years, stability offers reassurance. Buyers can plan their finances with confidence, knowing that sudden spikes in borrowing costs are unlikely. This consistency provides a sense of predictability, making it easier for those actively shopping for homes to move forward.

Despite stable mortgage rates, challenges persist with inflation & market activity. Mortgage applications declined this week, reflecting potential buyer hesitation. Additionally, the Federal Reserve maintained the Fed Funds rate, as expected, while inflation inched upward. The Fed is currently taking a cautious approach, monitoring inflation trends before making further policy adjustments. For many buyers, inflation remains a major obstacle. Rising prices across the economy directly impact consumers’ ability to save for a down payment, making homeownership feel increasingly out of reach. While mortgage rates are steady, affordability concerns continue to weigh heavily on prospective buyers.

Bottom line- For homebuyers, the steadiness in mortgage rates offers a welcome sense of predictability in an otherwise uncertain economic climate. If you're in the market for a home, now is the time to assess your budget and explore financing options. Given the ongoing affordability challenges, locking in a mortgage rate at current levels may be a smart move before potential economic shifts. As always, staying informed and working with trusted real estate and financial professionals can help you navigate the housing market. But, if you are a bargain hunter and you don’t love the rates, you may pass on your next dream home.

Remember-Date the Rates and Marry the House!

Keller Williams Realty Partners
Maria Sims
185 W Main Street Suite A
Canton, GA 30114
404-805-0673

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