LOUISVILLE, Ky. (WDRB) -- Many people hoping to buy a home in the near future have been waiting for mortgage rates to drop.
2024 was supposed to be the year of interest rate cuts, which in turn would mean lower mortgage rates for home buyers. But with last week's inflation report - that's not in the cards for now.
People have been looking at homes, only to struggle with high mortgage rates and low inventory.
The past two years have been the worst time in memory for buying a home, with sky high mortgage rates combined with record home prices.
Most rates are stuck in the 7% level because the Federal Reserve is holding off on cutting them further.
An upside to this? Relators are saying there is not as much competition in asking prices anymore.
So instead of waiting for rates to drop, consider refinancing in 2025.
Relators are cautioning that if rates do drop this year, there will be a surge in buyers and a return of bidding wars.
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