MORTGAGE RATE UPDATE FROM TONY MOORE OF GULFSIDE MORTGAGE
Interest rates have been experiencing some fluctuations recently, with a trend toward slightly lower rates compared to earlier this year. According to the Mortgage Bankers Association (MBA) forecast from August 15, 2024, rates are expected to be around 6.5% by the end of 2024, and gradually decrease to 6.4% in the first quarter of 2025, then 6.3%, 6.1%, and 5.9% in each subsequent quarter. We've already seen a bigger improvement, with the average 30-year interest rate currently around 6.2%. This presents a favorable opportunity for both potential buyers and homeowners considering refinancing. As rates continue to shift, staying informed and consulting with your lender can help you secure the best possible rate.
