The 2024 mortgage and homebuying season is off to a busy start. Our mortgage team at Sunrise Banks is gearing up for what should be another interesting season of supporting customers who want to buy a home.
Chuck Meier, SVP Mortgage Sales Director, says the mortgage industry is predicting a much better 2024. That’s because two things made 2023 one of the slowest years in decades for the housing market: fast-rising interest rates and low inventory.
“This year, the industry sees some Fed rate cuts, along with key factors helping drop interest rates to a more favorable level,” says Meier. “While we won't see the 3% annual percentage rates, we are hoping to at least get back to the 5%'s by year end. This will help inventory to open as well, as sellers were reluctant to sell a home with a 3% rate to buy a new home at 7%.”
“Buyers are slowly adapting to current rates, but it continues to be a topic of conversation,” says Andrea Altamirano, VP Mortgage Program Loan Manager. “We noticed real estate inventory still working its way up, and it continues to be a very hot and active market. We received an increase in mortgage inquiries in January, and it hasn’t stopped. I expect an active 2024 with new generations getting into the housing market, new down payment plans or options, and new partners.”
“I am super excited about our Sunrise Banks Mortgage Team and Programs/Products we have to offer our customers,” says Meier. “It is so exciting to watch the growth and to help support our communities. We have come a long way since our rollout in 2016 and now truly are a full-service mortgage provider.”
Don’t miss your chance to save with our mortgage purchase special. From now until June 30th, get $500 off your closing costs on your conventional mortgage loan* from Sunrise Banks.