shirley smith

Here is some promising news that is predicted:

The current mortgage interest rates forecast is for rates to continue their downward trajectory. After spiking to 7.79% last October, rates finally began to drop — managing a 1.18 percentage point decline in just nine weeks. While there are no guarantees, our market expert recommends cautious optimism as we enter 2024.

Progress on inflationas well as signs from the Federal Reserve that rate cuts may come in 2024point to the possibility that rates could stay under 7% for most of 2024. If inflation does continue to fall without the broader economy taking a jarring hit, interest rates are likely to remain low and give the housing market a chance to finally pick up steam.

Mortgage rates forecast for January 2024

Mortgage rates fell steadily throughout November and December 2023, landing at 6.61% during the final week of the year, according to the Dec. 28, 2023, Freddie Mac Primary Mortgage Market Survey®.

At their last meeting of 2023, the Federal Reserve chose not to raise interest rates, putting even more ground between themselves and the last hike — now more than four months in the rear-view mirror. That decision, combined with recent hints from several Federal Reserve members that inflation may finally be coming under control, has investors and market-watchers abuzz. Everyone is looking ahead to a potential end to the Fed’s cycle of rate hikes.

That said, the Fed isn’t expected to start cutting rates until the second half of 2024. And, even when the Fed does start to cut rates, we shouldn’t expect a dramatic reduction, said Jacob Channel, LendingTree’s senior economist. Instead, we’ll probably see some gradual 25-basis-point cuts here and there. If that happens, rates could fall to closer to 6% by the end of 2024. (Article by: Rene Bermudez-Lending Tree)

With the rise in interest rates and the lack of homes to sell, by mid-July the market started to go soft.

But the Lake County area is still seeing an influx of people moving to this beautiful area.

I have seen the growth firsthand, from restaurants, movie theaters, grocery shopping, shopping villages, marinas, gas stations, churches, and of course, the Ritz-Carlton.

Our new hospital and the medical facilities offer our area the top-notch health professionals.Our area offers some of the most beautiful campgrounds and recreational waters to enjoy any water sports. The Kingdom for the professional golfer or novice to learn the game of golf or brush up on their skills. And what about the fishermen?One of the top bass-fishing lakes in all of Georgia. Lake Oconee is also a great destination for a family vacation.

The Lake Country is a diamond in the rough and will always be unique in the Real Estate market.

THOUGHT FOR THE DAY: If you want to lift yourself up, lift up someone else. (Booker T. Washington)