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December 14, 2023
Good News for Buyers on Mortgage Rates
Curated information from BankSouth Mortgage - 12/14/2023
Exciting times are upon us in the mortgage industry! The Federal Reserve has announced an end to rate hikes and predicts a decrease in borrowing costs in 2024. This could mean more affordable mortgages and a more welcoming housing market. It's a breath of fresh air for today's homebuyers.
Looking ahead to 2024
In conjunction with their meeting, the Fed released its most recent set of economic projections. Officials expect inflation to fall more quickly than previously anticipated, reaching their target of 2% in 2026.
While individual board members have been saying that further rate increases are still on the table, the projections showed expectations for up to three cuts in 2024.
Mortgage rates move based on demand for mortgage-backed securities, and investors typically act in anticipation of Fed actions. You may be able to access lower rates before the Fed makes a move.
BankSouth Mortgage, an Ivey Preferred Lender, has programs that can help mitigate higher rates if they don't fall as fast as buyers would like. With options like buydown programs, low to no down payment programs, and complimentary rate float downs, they are committed to supporting Ivey's buyers in realizing their homeownership goals. Contact an Ivey Community Sales Associate or visit an Ivey Community for details. 706-840-8573
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A Brief Note on The Federal Reserve:
•The Federal Reserve Board (the Fed) controls the federal funds rate and discount rate, which are charges for overnight loans from bank to bank or from the Fed to member banks.
•The Fed has a standing goal to maintain inflation within a 2% range. Over the last year, they hoped to slow spending and inflation by making borrowing more expensive.
•The rate was lowered to near zero in March 2020 in response to the pandemic. These historic measures are now being reversed.
•The Fed raised rates for 11 of the last 15 meetings, with pauses in June, September, November, and December.
National Average Interest Rates as of 12/14/23. 10:00 am EST
Ivey Homes is a leading new home builder in Evans, Grovetown, Augusta, GA, and North Augusta, SC, with townhome and single-family home pricing ranging from the $215,000’s to mid $500,000’s. For more information about living in or building a new home in Columbia County, Richmond County, Aiken County, or Edgefield County, visit iveyhomes.com! Connect with us on our Facebook page and Text: IVEY to 77848 for convenient updates.