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?
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.
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.
15-Year Fixed
5.99%
INTEREST RATE
30-Year Fixed
6.125%
INTEREST RATE
5/1 Adjustabe
7.0%
INTEREST RATE
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
Email: [email protected]