If interest rates fall, that could create opportunities for some homeowners who have high mortgage rates.
Taking out a mortgage is a big financial decision, but it doesn't have to be a permanent one, at least not in terms of the rate you pay. In many cases, homeowners can refinance their mortgages, which involves taking out a new loan to replace the old loan. Doing so can potentially lower your monthly payment if interest rates drop, or you might take advantage of other possibilities with refinancing, like changing the duration of your mortgage or removing mortgage insurance.
'I don't think 2024 will be a good time to refinance for many people, if for anyone,' says Jeff Levinsohn CEO at House Numbers. 'Only about 5% of homeowners have an interest rate above 6.5%. Plus, the industry is forecasting a drop in interest rates in 2024 to the high 6% range. That's not going to cut it. It would take a major deterioration in the economy and a historically fast decrease in interest rates to create a refinance opportunity for most homeowners.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BoE’s Pill: By middle of 2024 we may be able to reconsider rates stanceBank of England (BoE) Chief Economist Huw Pill said on Monday that by the middle of next year, they may be able to reconsider its stance on interest rates.
Read more »
Heading into 2024, most Americans believe country headed in the wrong direction: POLLThe leading presidential candidates are also viewed broadly unfavorably.
Read more »
if Trump wins, more voters foresee better finances, staying out of war — CBS News pollBiden trails Trump in potential rematch in polling a year out from 2024 presidential election.
Read more »
Ohio Vote Tests Abortion Question One Year Ahead of 2024 RaceThe US state of Ohio will decide whether to guarantee the right to abortion in a potential 2024 bellwether Tuesday as both sides of the American political machine establish their campaign strategies on this crucial issue one year out from the presidential election.Voters...
Read more »
Election 2024: One year to the finish lineSunday marks exactly one year to the next presidential election. What do Washington correspondents say are the issues for voters, and what's at stake for our democracy?
Read more »
Tar Heels Land Another Commitment on 2024 Recruiting TrailThe UNC football recruiters needed another defensive lineman to fill out their 2024 class as they gear up for the early signing period, Dec. 20-22. It seems the Tar Heels got what they've been looking for in Lee County (Ga.) senior Leroy Jackson. They extended an offer to him in September. Jackson, ...
Read more »