Great news to start the New Year
Mortgage rates have recently eased, and the interest rates overall are expected to fall throughout 2024. This is comforting news for the mortgage borrowers facing a renewal later in the year. Easing mortgage rates may be good news for homeowners, but not so much for those looking to make a home purchase.
“Metro Vancouver’s housing market closed out 2023 with balanced market conditions, but the year-end totals mask a story of surprising resilience in the face of the highest borrowing costs seen in over a decade. ”
It has been many months since a 5-year fixed rate mortgage has been under 5%. Lower mortgage rates will likely push real estate prices higher and not improve affordability. Beyond the season changes, Inventory levels of available homes for sale are also falling. It’s one of the primary reasons we escaped a market correction last year. Bottom line; if you are considering buying a home, do it quickly.
Need to get access to some of your home’s equity and you don’t want it to affect the great rate on your existing mortgage, then consider a 2nd mortgage. You can be approved in less than 24 hours and many lenders are offering special incentives and quick funding options.