What Interest Rates Mean for Homebuyers in 2024

When buying a home, interest rates play a major role in how much you’ll ultimately pay for your home. As we look ahead to 2024, interest rates are expected to fluctuate, which could impact your home-buying power. But don’t let that scare you off! Ridgecrest remains one of the most affordable places to buy a home in California, and even with changing rates, it’s a great time to invest in real estate here.

A quick breakdown: When interest rates are low, your monthly mortgage payment will be lower, allowing you to afford more home for your money. On the flip side, when rates rise, it means your monthly payments could be higher. The good news is that even if interest rates rise slightly, the housing market in Ridgecrest is still highly affordable compared to larger cities like Los Angeles, where home prices are skyrocketing. Ridgecrest’s market remains steady, with plenty of options for buyers.

If you’re considering buying a home, now is a good time to start looking, before interest rates climb further. I can help you navigate the mortgage process and find a lender that offers competitive rates. Want to learn more? Call me at 760-264-3501 or visit www.homeswithscottkmiller.com to browse current listings and get expert advice on how to buy smart in 2024.