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3 homebuying approaches to take in 2024
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After months of data showing inflation cooling, the first report of 2024 showed it ticking up again. Currently, at 3.4% percent, inflation is still significantly higher than the Federal Reserve’s target goal of 2%. That means there’s still work to be done and, despite some arguably premature hope, interest rate cuts may be pushed off until later in the year — if they come at all.
That’s unfortunate for many borrowers, and particularly homebuyers who had seen rates come down slightly in anticipation of rate cuts to come in 2024. And while the benchmark rate may still ultimately be lowered this year, by how much and when that will happen is unknown at this stage.
That said, there are some compelling reasons for buyers to act now. But with these economic considerations at the forefront, there are some more advisable approaches to take than others.
Start by exploring your mortgage rate options here to see what you could qualify for.
3 homebuying approaches to take in 2024
Here are three smart approaches homebuyers should consider taking this year.
Be informed
Arguably, the best approach for homebuyers right now is an informed one. The more knowledge you have about the economy, the real estate market and where you want to buy, the better. With volatility still in play, you’ll need to be informed and up to date on the state of inflation and the corresponding interest rates.
Homebuyers should also start researching their potential lenders now — and avoid waiting to do so when rates stabilize. Shop around and see what rates you could qualify for from multiple lenders and be sure to look at any additional fees or charges each lender may tack on during the closing process. You may be surprised at how much you could save simply by doing your research and being informed. But you won’t know those figures until you get started.
Begin exploring mortgage rates and lenders online now.
Be aggressive
The mortgage rate environment changes daily, and the rate you can secure today could be dramatically different than what you can get tomorrow — or what you could’ve locked in if you’d applied last week. With this understanding, don’t be afraid to be aggressive and lock in a rate when it works for you. The interest rate environment right now is still too volatile to act otherwise.
There are likely plenty of homebuyers who regret not locking in a 5% or 6% rate in recent years, but those “high” rates would be considered low now when matched up against the average 7% rate many can get in January 2024. So don’t be afraid to be aggressive when an attractive rate is presented. You can always refinance in the future — or unlock and lock in a newer, better rate before closing.
Be realistic
While it may be tempting to wait for mortgage interest rates to fall, particularly in light of recent inflation news, homebuyers should also take a grounded and realistic approach. Even if rates were to drop this year, they’re unlikely to do so in a dramatic fashion. And the sub-3% rates of 2020 are highly unlikely to return anytime soon (if they do at all). After all, those historically low rates came during the height of the pandemic when the economy was experiencing unprecedented turbulence.
In a more stable and reliable climate, then, they’re more likely to level off somewhere higher (although maybe not as high as where they are now). So, be realistic about your expectations and understand that if it means passing up on your dream home or losing a great opportunity, you’re likely better off acting now versus waiting for a rate climate that may never return.
Learn more about what mortgage rate you could qualify for now.
The bottom line
Today’s real estate market and mortgage rate environment are unique. As such, homebuyers need to take a more nuanced approach to the process. This includes being hyper-informed about inflation, interest rates and broader economic trends, but it also means being aggressive and proactive when the rate environment changes in a more favorable way. Finally, by taking a realistic approach, buyers can avoid missing out on their dream home or great opportunities. Combined, buyers can better position themselves for success this year, regardless of what happens in the larger rate environment.
NEW YORK — Former New York Gov. David Paterson and his stepson were attacked in New York City on Friday night, authorities said.
The incident occurred just before 9 p.m. on Second Avenue near East 96th Street on the Upper East Side, according to the New York City Police Department.
Police said officers were sent to the scene after an assault was reported. When officers arrived, police say they found a 20-year-old man suffering from facial injuries and a 70-year-old man who had head pain. Both victims were taken to a local hospital in stable condition.
In a statement, a spokesperson for the former governor said the two were attacked while “taking a walk around the block near their home by some individuals that had a previous interaction with his stepson.”
The spokesperson said that they were injured “but were able to fight off their attackers.”
Both were taken to Cornell Hospital “as a precaution,” he added.
Police said no arrests have been made and the investigation is ongoing.
The 70-year-old Paterson, a Democrat, served as governor from 2008 to 2010, stepping into the post after the resignation of Eliot Spitzer following his prostitution scandal. He made history at the time as the state’s first-ever Black and legally blind governor.
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A 17-year-old boy was critically injured and a person is in custody after a gunman opened fire on a SEPTA bus in North Philadelphia Friday evening, police said.
At around 6:15 p.m., Philadelphia police were notified about a shooting on a SEPTA bus traveling on Allegheny Avenue near 3rd and 4th streets in North Philadelphia, Inspector D F Pace told CBS News Philadelphia.
There were an estimated 30 people on the bus at the time of the shooting, Pace said, but only the 17-year-old boy was believed to have been shot. Investigators said they believe it was a targeted attack on the teenager and that he was shot in the back of the bus at close range.
According to Pace, the SEPTA bus driver alerted a control center about the shooting, which then relayed the message to Philadelphia police, who responded to the scene shortly.
Officers arrived at the scene and found at least one spent shell casing and blood on the bus, but no shooting victim, Pace said. Investigators later discovered the 17-year-old had been taken to Temple University Hospital where he is said to be in critical condition, according to police.
CBS Philadelphia
Through their preliminary investigation, police learned those involved in the SEPTA shooting may have fled in a silver-colored Kia.
Authorities then found a car matching the description of the Kia speeding in the area and a pursuit began, Pace said. Police got help from a PPD helicopter as they followed the Kia, which ended up crashing at 5th and Greenwood streets in East Mount Airy. Pace said the Kia crashed into a parked car.
The driver of the crashed car ran away but police were still able to take them into custody, Pace said.
Investigators believe there was a second person involved in the shooting who ran from the car before it crashed. Police said they believe this person escaped near Allegheny Avenue and 4th Street, leaving a coat behind.
According to Pace, police also found a gun and a group of spent shell casings believed to be involved in the shooting in the same area.
“It’s very possible that there may have been a shooting inside the bus and also shots fired from outside of the bus toward the bus,” Pace said, “We’re still trying to piece all that together at this time.”
This is an active investigation and police are reviewing surveillance footage from the SEPTA bus.