Mortgage rates rose for the second consecutive week, recovering after a drop earlier this month. Although there has been a modest uptick in both new and existing home sales, the market continues to struggle with a significant shortage of available homes. A robust economy could help generate momentum as we move into the new year, potentially enhancing purchase activity.

According to Freddie Mac, this week, the 30-year fixed-rate increased 0.13 basis points, bringing the U.S. weekly average to 6.85%. One year ago, the rate was 6.61%.

As we head into 2025, the outlook for home prices is mixed. On the downside, prices are anticipated to keep rising. However, the good news is that the increases won’t be as steep as in recent years.

Overall, housing experts concur that home prices will continue to rise steadily next year unless there are significant market disruptions, such as a highly improbable housing crash. Nonetheless, the predicted range for price increases is relatively narrow.

Despite rising rates and increasing home prices, there’s still a valuable opportunity for homebuyers to enter the market. By getting prequalified, you can position yourself to act quickly and confidently when the right property becomes available. As home prices continue to rise, securing a home now means you can start building equity sooner, potentially leading to greater financial stability and future opportunities to refinance at lower rates.

Don’t wait for the perfect moment;

let’s get you prequalified today. Contact Blue Reef Mortgage to start your home-buying journey and make the most of the current market conditions. The key is to get in the game. How do you do that? Start by getting a preapproval letter and begin shopping with our first-in-class realtor team.

Blue Reef Mortgage is your local mortgage broker offering low in-market rates and personalized service.

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Don’t wait—let’s get you prequalified today!