In 2022 and 2023, we’ve seen mortgage interest rates increase as the Federal Reserve (Fed) has made multiple increases to the federal funds rate, making debts more expensive in an effort to lower inflation or in other words, slow down the rise in prices for consumer goods.
If you are shopping for a home, this may leave you asking three important questions:
Fret not, my friends – we are here to help answer these important questions!
The good news is mortgage rates dropped slightly since the beginning of November. As far as when they will go down more… my crystal ball is in the shop, but what we can tell you is that in our more than 25 years as a Florida home builder, we’ve ridden the wave of up and down interest rates while continuing to help Florida home buyers achieve their new home dreams.
Really, the answer as to when interest rates will go down seems to vary based on who you ask and when you ask them. It strongly depends on future decisions by the Fed on whether to hold rates steady or bring them up or down – and they’re not committing one way or another, saying they’ll monitor economic data to decide what’s appropriate.
When rates go down, experts do expect that to happen slowly versus a large decrease at one time. This brings us to #2…
Florida continues to be a top destination for inbound movers, so you can expect Florida home prices will continue to increase. With the uncertainty surrounding mortgage interest rates and whether they will go up or down, and by how much, it’s a gamble and probably isn’t worth waiting (and potentially paying more) if you are financially ready to buy a house now.
After all, buying your first home or moving into your next home is about fulfilling your needs and dreams – not what the Fed is doing.
Beat high interest rates with Highland Homes! Not only will we buy down your interest rate plus pay all of your closing costs when you purchase before the end of the year, but our Lender Partner is currently offering an amazing ‘buy now, refinance later’ offer so when rates do drop, you can take advantage of that – for free!
1. Find your dream home by Highland Homes, with beautiful homes available now in desirable Florida communities.
2. Finance your new home purchase with Home Solution Lenders, Inc., a full-service mortgage lender and Highland Homes Lender Partner offering great financing options and customer service from a locally-based team.
3. If rates drop, refinance for FREE! This rate protection program offered by Home Solutions Lenders, Inc. means you can buy your dream home now, and if rates drop in the next 6 to 24 months, Home Solutions Lenders will help you refinance your mortgage and provide you a lender credit for the closing costs including underwriting fees, title fees, and doc stamps.
This is still a good time to buy a home, and working with a trusted New Homes Specialist and Mortgage Lender will help you take advantage of the best possible rates and opportunities to own the new home of your dreams – today!
Highland Homes builds new homes designed for your life in top Florida cities and works with Lender Partners committed to providing you with the best financing options and highest level of service. To find your dream home in Florida, call or email our New Home Specialists today!
Programs available as of November 13, 2023. For informational purposes only and not a guarantee to lend. Program restrictions apply. Acceptable income, assets, credit, and property value are required. Must close on a loan with Home Solution Lenders, Inc. to be eligible for no closing cost refinance. Must refinance in the next 6-24 months from the date of closing. When refinancing, Home Solution Lenders, Inc. will contribute a lender credit up to the total amount of closing costs. Credit may not exceed the actual closing cost amount. Excludes prepaids, prorations, discount points, HOA, CDD, and mortgage insurance premiums collected at closing. Offer is not transferable, not exchangeable, and has no cash value. Offer must be presented at refinance application to be valid. Not available for Purchases, Construction to Perm, and/or DPA loans.
Location, home designs, features and prices are subject to change without notice. We are pledged to the letter and spirit of the U.S. policy for the achievment of equal housing opportunity throughout the Nation. We encourage and support an affirmative marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin.TP