Join us as we dive into the dynamic world of mortgages in 2024. In this insightful episode, Amanda McMillan of Chicago Home Partner and Dan Gjeldum of Guaranteed Rate discuss the evolving trends in the mortgage market, comparing Q1 2024 to Q1 2023. Discover how changes in interest rates are influencing buyer behavior, the increase in multiple offer situations, and the impact of recent rate fluctuations on pre-approvals and loan applications.
Highlights from this discussion:
Q1 Comparison: Dan Gjeldum shares his perspective on how Q1 2024, with more certainty around interest rates, compares to Q1 2023.
Interest Rates Impact: An in-depth discussion on the shift from rates starting with eights to sevens and even sixes for FHA and VA loans.
Buyer Behavior: Insights into how the lower rates have increased buyer activity, with more showings and multiple offer situations becoming common.
Pre-Approvals: Amanda and Dan talk about the rise in pre-approvals and how some clients from as far back as 2022 are finally buying homes.
Market Predictions: A look at the predictions for rate cuts by the Federal Reserve and the confusion around inflation data.
Dan shares his expert perspective on the current state of the market, highlighting the increased certainty and optimism among buyers. Amanda and Dan also explore the unexpected shifts in rate predictions and the potential future movements by the Federal Reserve. Whether you're a seasoned homeowner or a first-time buyer, this episode provides valuable insights to help you navigate today's mortgage world with confidence.
