Magnificent Views! BERKSHIRE HATHAWAY HOMESERVICES COLORADO PROPERTIES MONTROSE $585,000 805 Wildcat Canyon Road 3 Beds 2 Baths 1635 sq. ft. 145+ Acres Unda Ste 970 417.8082 MONTROSE $169,000 TUD Buckhorn Road (Tract 2) 5.62 Acres with fabulous views Don Bailey, 970 209.257 WHAT'S THE LATEST WITH MORTGAGE RATES? Recent headines may leave you wondering what's next for mortgage rates. Maybe you'd previously heard there were going to be cuts this year that would bring rates down. That refers to the Federal Reserve (the Fed) and what they do to ther Fed Funds Rate. While cutting or lowering the Fed Funds Rate doesn't directly determine mortgage rates it does tend to impact them. But when the Fed met last week, a cut didn't happen- at least not yet There are a lot of factors the Fed considered in their recent decision and most of them are complex But you don't need to be bogged down by those finer details What you really want is the answer to this question: does that mean mortgage rates aren't going to fall? Here's what you need to know. MORTGAGE RATES ARE STILL EXPECTED TO DROP THIS YEAR While it hasn't happened yet, that doesn't mean it won't Even Jerome Powel, the Charman of the Fed says they still plan to make cuts this year, assuming inflation cools: "We believe that our policy rate is likely or its peak for this tightening cycle and that if the economy evolves broadly as expected it will likely be appropriate to begin dialing back policy restraint at some point this year." BOTTOM LINE When this happens, history shows mortgage rates will likely follow. That means hope isn't lost. As a recent article from Business Insider explains "As inflation comes down and the Fed is able to start lowering rates mortgage rates should go down, too." WHAT THIS MEANS FOR YOU But you don't necessarily want to wait for it to happen. Mortgage rates are notoriously hard to forecast. There are so many factors at play and any one of those can change the projections as the economy shifts. And it's why the experts offer this advice. As Mark Fleming Chief Economist at First American says "Well mortgage rate projections are just that, projections, not promises and don't forget how hard it is to forecast them So my advice is to never try to time the market if one is financially prepared and buying a home aligns with your lifestyle goals, then it could be the right time to purchase And there's always the refinance option if mortgage rates are lower in the future Basically, if you're looking to move and trying to time the market, don't if you're ready. willing and able to move, it may still be worth it to do it now, especially if you can find the home you've been searching for If you're looking to buy a home, let's connect so you have someone keeping you up-to-date on mortgage rates and helping you make the best decision possible. bhhscolorado.com 1970.249.4663 Real estate services in Montrose and beyond! 11 Offices and over 160 real estate brokers Call one of our trusted real estate brokers Trena Unrein, Brian Unrein Autumn Barrett, Don Baey Jeff Kechfuss, Kree Christie, Linda Stel, Makaya Cervone, Michael Scott Dosch Heidi Lutz Mend Sepah, and Donna Justin Magnificent Views ! BERKSHIRE HATHAWAY HOMESERVICES COLORADO PROPERTIES MONTROSE $ 585,000 805 Wildcat Canyon Road 3 Beds 2 Baths 1635 sq . ft . 145+ Acres Unda Ste 970 417.8082 MONTROSE $ 169,000 TUD Buckhorn Road ( Tract 2 ) 5.62 Acres with fabulous views Don Bailey , 970 209.257 WHAT'S THE LATEST WITH MORTGAGE RATES ? Recent headines may leave you wondering what's next for mortgage rates . Maybe you'd previously heard there were going to be cuts this year that would bring rates down . That refers to the Federal Reserve ( the Fed ) and what they do to ther Fed Funds Rate . While cutting or lowering the Fed Funds Rate doesn't directly determine mortgage rates it does tend to impact them . But when the Fed met last week , a cut didn't happen- at least not yet There are a lot of factors the Fed considered in their recent decision and most of them are complex But you don't need to be bogged down by those finer details What you really want is the answer to this question : does that mean mortgage rates aren't going to fall ? Here's what you need to know . MORTGAGE RATES ARE STILL EXPECTED TO DROP THIS YEAR While it hasn't happened yet , that doesn't mean it won't Even Jerome Powel , the Charman of the Fed says they still plan to make cuts this year , assuming inflation cools : " We believe that our policy rate is likely or its peak for this tightening cycle and that if the economy evolves broadly as expected it will likely be appropriate to begin dialing back policy restraint at some point this year . " BOTTOM LINE When this happens , history shows mortgage rates will likely follow . That means hope isn't lost . As a recent article from Business Insider explains " As inflation comes down and the Fed is able to start lowering rates mortgage rates should go down , too . " WHAT THIS MEANS FOR YOU But you don't necessarily want to wait for it to happen . Mortgage rates are notoriously hard to forecast . There are so many factors at play and any one of those can change the projections as the economy shifts . And it's why the experts offer this advice . As Mark Fleming Chief Economist at First American says " Well mortgage rate projections are just that , projections , not promises and don't forget how hard it is to forecast them So my advice is to never try to time the market if one is financially prepared and buying a home aligns with your lifestyle goals , then it could be the right time to purchase And there's always the refinance option if mortgage rates are lower in the future Basically , if you're looking to move and trying to time the market , don't if you're ready . willing and able to move , it may still be worth it to do it now , especially if you can find the home you've been searching for If you're looking to buy a home , let's connect so you have someone keeping you up - to - date on mortgage rates and helping you make the best decision possible . bhhscolorado.com 1970.249.4663 Real estate services in Montrose and beyond ! 11 Offices and over 160 real estate brokers Call one of our trusted real estate brokers Trena Unrein , Brian Unrein Autumn Barrett , Don Baey Jeff Kechfuss , Kree Christie , Linda Stel , Makaya Cervone , Michael Scott Dosch Heidi Lutz Mend Sepah , and Donna Justin