First off, Happy Holidays to all of our clients past, present and future!
We hope you are enjoying all this great snow. We are having a ball and you know what they say, “If you are lucky enough to live in the mountains you are are lucky enough” We try to never forget this and truly believe it.
According to Freddie Mac, the national average for a 30-year fixed rate mortgage as of December 14, 2023, dropped below 7% for the first time since August, currently around 6.95% which is still pretty cheap money. It is difficult to remember this as we are got pretty spoiled with those 3 and 4% interest rates we have seen for the last couple of years. On Wednesday, Dec 13, 2023, the Federal Reserve announced that it would not be raising interest rates. YAHOO! This is good news!
Many believe that this means the Feds are halting the twenty-one month crusade of interest rate hikes against rising inflation. That crusade saw 11 rate hikes since March 2022. The Fed’s rate hikes affect borrowing and savings rates consumers experience on a daily basis.
We’ll keep you posted.