The Fed’s rate cut is opening new doors for homebuyers. Mortgage-rate locks jumped 68%, and Redfin’s Homebuyer Demand Index reached its highest level since May. With more listings and a 10% rise in mortgage applications, it’s a great time to take advantage of better affordability. The market is picking up, offering fresh hope for buyers ready to find their dream home.
My current rate is a quarter above 6. I'm not going to get a refinance of my mortgage until a few more cuts happen. Hopefully, by the end of this year or maybe into the 1st quarter of the new year I'll start rate shopping. I'm already getting VA IRRL mailings in the box. However I'm not going to take a dive into a new rate until I have more equity and the rates are 2 whole points lower than where I am.
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