Here’s What Will Happen to Your Utah Neighborhood When Rates Come Down

One of the benefits of living a long time is watching economic trends come and go and come back again. Mortgage rates have been around 6% for a couple years now, and it seems like they are stuck there, but when they do change, here’s what to expect. 

People’s Decisions Affected by Current Mortgage Rates 

If you like your neighbors and you are happy with the stability of the area you live in, expect it all to change when the rates go down. Suddenly you will see for sale signs popping up on people’s lawns and even those who are happy where they are start thinking about moving. 

What you have now is people who locked in or refinanced when mortgage rates were low, who have stayed put rather than take on a higher mortgage. They may want a bigger house or to downsize but have chosen to wait for better rates to come along. 

Is It Best to Try and Time Your Moves According to the Rate? 

This waiting for the right time can bite you. There are examples where the Federal Reserve lowered the borrowing rate, and mortgage rates actually increased. It might be better to buy when it works for you and then refinance when the rates come down. 

The one thing you can count on is that things never remain the same. There are times when it seems like nothing will change, and the current economic conditions are here to stay. Then one day some unforeseen event makes everything different. 

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There will be a time when rates begin to drop. That is when your neighbors start waving goodbye and you wonder if there is greener grass waiting for you somewhere else.