OPTIONS

“Some of our important choices have a timeline. If we delay a decision, the opportunity is gone forever. Sometimes, our doubts keep us from making a choice that involves change. Thus, an opportunity may be missed.”

— James E. Faust

Happy Labor Day weekend! Labor Day marks the day in 1894 when Congress declared the first Monday in September a national holiday to honor the nation's workers and their contributions to the country's well-being. With a watchful eye on the market, most are seeing sufficient evidence that rates were raised too far, too fast, and that their full effects are only now truly registering.

The 10-year Treasury, which is a more important indicator of mortgage rates, is notably down from its highs and has already filtered into the mortgage market. Buyers planning for more FED rate cuts before they decide to buy may miss out on the most important aspect of buying a home: Options.

Currently, there are more choices and elevated inventory.  

Those waiting on the sidelines might be disappointed if they wait too long - as more buyers will enter the market when rates come down - creating greater competition. The 10-year Treasury dipped below 3.8% - it was 4.988% in October 2023 (CNBC).