Mortgage Interest Rates have Dropped in Pennsylvania:

What it Means for Buyers in 2024

The Mortgage Interest Rate Drop We've All Been Waiting For!


If you've been following the Pennsylvania housing market, you've likely noticed an exciting trend:

mortgage interest rates have dropped to around 6.47%

—the lowest they've been since May 2023. This decrease is catching the attention of buyers, sellers, and industry professionals alike. But what does this really mean for homebuyers, especially with tight inventory?

The Current Market: Limited Inventory and Buyer Behavior
Even with the drop in mortgage interest rates,

inventory in Pennsylvania remains constrained.

. The supply of homes for sale hasn't yet caught up with buyer demand, leading to increased competition. Many buyers who were waiting on the sidelines for rates to fall or for more homes to hit the market are now jumping back into the search.

However, with inventory still low, buyers should be prepared for competitive conditions, including

bidding wars and quick decision-making

. It's much like shopping during a Black Friday sale—there are deals to be had, but you're not the only one looking to snag them.

What to Expect Moving into 2025

Looking ahead, trusted lenders predict that

mortgage interest rates may continue to decline

as we move closer to the spring of 2025. This anticipated trend is tied to expectations that the Federal Reserve will ease rates as inflation stabilizes.

However, it's essential to approach these forecasts with caution. Economic changes, including the upcoming election cycle, could bring fluctuations that impact rate projections.

While waiting for further rate drops may be tempting, remember that the

current rate reduction is an opportunity you can act on now

—and that certainty can be a powerful motivator in a fluctuating market.

Ready to make a move? Whether buying or selling, now is the time to take advantage of today’s competitive rates and navigate the market with confidence.

The Importance of Trusted Lenders

Given the current market conditions, it's more important than ever to work with a lender you trust.

Mortgage rates and loan programs can vary, so it's important to speak with several lenders to find the one that offers the best fit for your financial situation. Whether it's a first-time homebuyer program, a VA loan, or another type of mortgage product, exploring your option can save you money and help you secure your dream home.

Today’s Mortgage Rates

Find out which mortgage is right for you.

These rates are based on averages, depending on your current situation your rate may be either higher or lower than this.

15-Year Fixed

5.99%

INTEREST RATE

30-Year Fixed

6.125%

INTEREST RATE

5/1 Adjustabe

7.0%

INTEREST RATE


MORTGAGES ARE FOR EVERYONE

Our Trusted Lenders

STEPHANIE ERNEY

Retail Branch Manager

NMLS ID 657377

CARRIE MALLES

Mortgage Loan Originator

NMLS ID 941693

LAURA JUARBE

Loan Officer

NMLS ID 133350

KASSANDRA ROSADO

Mortgage Loan Originator

NMLS ID 2492848

Get in Touch With A Lender

Lender's Office: 1368 Harrisburg Pike, Lancaster, PA 17601

Call (717) 447-8840

Copyright 2022 . All rights reserved