📉 Interest Rates are Dropping?! Here's the scoop!

Friday, December 22nd, 2023

In this newsletter, you’ll find:

• Market Updates for 8 different zip codes in The Upper Cumberland

• 📈 Everything you need to know about interest rates dropping in 2024.

• 🔥 8 newly listed properties, 7 of them are UNDER $400k

• ⭐️ Small business spotlight

• 🤔 5 reasons to speak with a mortgage lender, even if you aren’t ready to buy

• 💸 6 Price reductions

Let’s dive in! 👇

👉 Don’t see the city and/or zip code you’re looking for? Reply to this email and we will send you a custom report!

Meet Corey, our passionate and knowledgable in-house mortgage officer. Here’s here for all of your mortgage questions!

Mortgage rates are dropping! Here’s what you need to know:

The Fed's chairman mentioned that inflation is still higher than they'd like, but they expect it to get better. They even predict that they might lower interest rates in 2024. What does this mean for mortgage rates? Well, experts think that mortgage rates will actually start to go down. They could even drop to around 6.5% by the end of the year.

Here's what some experts are saying about mortgage rates in 2024:

• Lawrence Yun from the National Association of Realtors predicts that rates will rise to around 7% in a few months and then drop to the 6% range by Spring 2024.

• Crystal Sunbury, a senior analyst at RSM U.S. real estate, thinks that rates will gradually decrease over the next few months and reach a range of 6% to 6.5% by spring 2024.

• The Mortgage Bankers Association forecasts that rates will end 2024 at 6.1% and reach 5.5% by the end of 2025.

• Matt Vernon from Bank of America believes that if the Fed cuts rates in 2024, it could give the housing market a boost. However, any reductions in mortgage rates might occur gradually, potentially starting in the later part of the year.

• Jack Macdowell from Palisades Group predicts that mortgage rates will likely stay in the 7% to 7.25% range throughout the first quarter of 2024.

Keep in mind that these are just predictions, and actual rates may vary.

We go more in-depth here.

• $339,929 - 1301 Phifer Mine Road, Spencer, TN: 3 BED, 2 BATH, 1,950 SQFT, 5+ ACRES

• $194,929 - 368 Baptist Ridge Hwy, Hilham, TN: 5 BED, 3 BATH, 1,700 SQFT, 5.5 ACRES

• $355,000 - 367 C C Camp Road, Cookeville, TN: 3 BED, 2 BATH, 2,433 SQFT, .98 ACRES

• $438,929- 10883 H O Allison Road, Baxter, TN: 3 BED, 2 BATH, 1,152 SQFT, 14 ACRES

• $269,929 - 411 Wahoo Drive, Crossville, TN: 3 BED, 2 BATH, 1,198 SQFT

• $234,995 - 206 S Main Street, Byrdstown, TN: 3 BED, 2 BATH, 1,425 SQFT

• $374,929 - 2207 Monterey HWY, Rickman, TN: 4 BED, 2 BATH, 2,300 SQFT, 2.5 ACRES

• $309,929 - 451 Southridge Circle, Crossville, TN: 3 BED, 2 BATH, 1,564 SQFT

View all newly listed properties here!

You can view their website here

5 REASONS TO SPEAK WITH A LENDER NOW, EVEN IF YOU AREN’T READY TO BUY YET:

1. It will give you a better idea of where your credit stands and help you create an action plan to improve it.

2. It informs you of the different types of loans and what steps you need to take to qualify.

3. Specify how much you need to save for a down payment, depending on loan costs.

4. Getting pre-approved gives an edge in competitive markets.

5. Gives you time to get “mortgage ready” and understand the process and requirements.

We go more in-depth here.