August Mortgage Rate Update & Should You Buy/Refi Now?

Mortgage rates are falling, but the Fed hasn’t made any rate cuts yet. What’s the deal? We’re explaining it all in this August mortgage rate update with repeat guest and lender-friend of the show, Caeli Ridge. Caeli fills us in on today’s mortgage interest rates, why rates are moving without any federal funds rate cuts happening, what could cause rates to go even lower, and whether paying points on your mortgage makes sense in the current market. Good news for investors: interest rates are getting into the high sixes for some rental property loans, but lower rates aren’t always a good thing. With the economy slowing down and inflation (thankfully) seeing some significant progress, unemployment is rising, and better interest rates may come at the cost of a worse economy. But this isn’t a surprise, no matter how unfortunate it is for many workers in today’s market. We’re getting Caeli’s take on the Fed’s next moves, today’s mortgage rates, and what’s in store for future rates. This is crucial commentary from a lender working on loan products for investors in today’s exact interest rate environment, and hearing her may change your next investing move. Dave also gives his opinion on the mortgage rates we could expect to see next year and whether buying or refinancing even makes sense now. In This Episode We Cover August 2024 mortgage rate updates and where investor interest rates are right now Why mortgage rates have been falling WITHOUT the Fed lowering their rates Paying mortgage points and whether or not it’s worth it if rates are continuing to fall The BIG uptick in refinancing and purchasing activity since rates began to fall Where Dave thinks mortgage rates could be next year And So Much More! Links from the Show Join the Future of Real Estate Investing with Fundrise Join BiggerPockets for FREE  Find Investor-Friendly Lenders See Dave at BPCON2024 in Cancun! Dave's BiggerPockets Profile Caeli's BiggerPockets Profile With Mortgage Rates Falling, When Should Investors Refinance? Get Dave’s Mortgage Point Calculator Analyze Real Estate Like a Pro with “Real Estate by the Numbers” Jump to topic: 00:00 Intro 00:54 Mortgage Rate Update 04:43 Powell Talks, Rates Change  09:19 Bad News if Rates Fall  10:27 What Else Affects Rates 14:04 “Points Options” Improve  15:47 Advice for Investors  18:20 Dave’s Take on Future Rates Check out more resources from this show on BiggerPockets.com and  https://www.biggerpockets.com/blog/on-the-market-246 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices