August Mortgage Rate Update & Should You Buy/Refi Now?

Mortgage rates are falling, but the Fed hasn’t made any rate cuts yet. What’s the deal? We’re explaining it all in this August mortgage rate update with repeat guest and lender-friend of the show, Caeli Ridge. Caeli fills us in on today’s mortgage interest rates, why rates are moving without any federal funds rate cuts happening, what could cause rates to go even lower, and whether paying points on your mortgage makes sense in the current market.
Good news for investors: interest rates are getting into the high sixes for some rental property loans, but lower rates aren’t always a good thing. With the economy slowing down and inflation (thankfully) seeing some significant progress, unemployment is rising, and better interest rates may come at the cost of a worse economy. But this isn’t a surprise, no matter how unfortunate it is for many workers in today’s market.
We’re getting Caeli’s take on the Fed’s next moves, today’s mortgage rates, and what’s in store for future rates. This is crucial commentary from a lender working on loan products for investors in today’s exact interest rate environment, and hearing her may change your next investing move. Dave also gives his opinion on the mortgage rates we could expect to see next year and whether buying or refinancing even makes sense now.

In This Episode We Cover
August 2024 mortgage rate updates and where investor interest rates are right now
Why mortgage rates have been falling WITHOUT the Fed lowering their rates
Paying mortgage points and whether or not it’s worth it if rates are continuing to fall
The BIG uptick in refinancing and purchasing activity since rates began to fall
Where Dave thinks mortgage rates could be next year
And So Much More!
Links from the Show
Join the Future of Real Estate Investing with Fundrise
Join BiggerPockets for FREE
 Find Investor-Friendly Lenders
See Dave at BPCON2024 in Cancun!
Dave's BiggerPockets Profile
Caeli's BiggerPockets Profile
With Mortgage Rates Falling, When Should Investors Refinance?
Get Dave’s Mortgage Point Calculator
Analyze Real Estate Like a Pro with “Real Estate by the Numbers”


Jump to topic:
00:00 Intro
00:54 Mortgage Rate Update
04:43 Powell Talks, Rates Change 
09:19 Bad News if Rates Fall 
10:27 What Else Affects Rates
14:04 “Points Options” Improve 
15:47 Advice for Investors 
18:20 Dave’s Take on Future Rates

Check out more resources from this show on BiggerPockets.com and  https://www.biggerpockets.com/blog/on-the-market-246
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