February in the Sunshine State typically marks the beginning of increased activity in the real estate market. The holidays are over and people start planning their moves for the spring and summer months. Usually, there is an uptick in new listings, open houses, and buyer inquiries. February is the month of love and what better way to show your love, than to purchase a new home.
"The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices," said Lawrence Yun, NAR chief economist. The Federal Reserve just had their January 30th meeting for 2024. Chair Jerome Powell entered this week’s Federal Reserve meeting in a much more desirable position than he likely ever expected as inflation is getting close to the Fed’s target rate. The outcome of the meeting is needing greater confidence to ensure inflation is moving toward the government's inflation rate goal of 2%. The Federal Reserve is leaving the interest rate alone. The rate plays a role in determining mortgage loan rates. According to the consumer price index and inflation forecasts by the Federal Planning Bureau; inflation should be projected at about 2.8% in 2024 and 1.8% in 2025.
For February 2024, the average Mortgage Rate is now centering at 6.63%. If you are placing less than 20% down on a mortgage, expect to pay for private mortgage insurance (PMI), which is between 0.14% and 2.33% of your loan amount in annual PMI premiums. To get the best interest rate and lower PMI premiums, your credit score needs to be at least 780 or higher, or you’ll pay a higher interest rate.
Pending home sales for December 2023 elevated 8.3%, according to the National Association of REALTORS®.
Are you ready to look at homes? Call me.
Thanks!
Susan J Penn, PA Realtor - 18 Years
London Foster Realty
2645 Executive Park Dr #125
Weston FL 33331
954-557-5993
susanjpennpa@gmail.com
www.susanjpennrealtor.com
