The Federal Reserve is expected to lower interest rates by 0.25% to 0.50% over the next few months, with further reductions anticipated into 2025. This is exciting news for potential homebuyers and those who have purchased a home at higher rates in the last few years. But before you rush into refinancing, it’s important to understand how to make the most of these changes.

What Do Lower Interest Rates Mean for You?

When the Fed lowers interest rates, borrowing money becomes cheaper. For potential homebuyers, this could mean lower monthly mortgage payments, making it easier to afford a home. For homeowners who bought their homes when rates were higher, this could be an opportunity to refinance at a lower rate, saving money over the life of their loan.

Beware of Rushed Refinancing

As rates begin to drop, you might start receiving calls from companies urging you to refinance immediately. While it may be tempting to jump on the first opportunity to lower your rate, doing so too soon could cause you to miss out on even better rates in the future. Rates are expected to continue falling into 2025, so patience could lead to even greater savings.

Why Working with a Trusted Mortgage Professional Matters

In this environment, it’s crucial to work with a mortgage professional you trust—someone who understands your financial situation and helps you make the best decisions for your future. That’s where I come in. My name is Toby Thurman, and I’m a trusted mortgage professional with Encompass Lending in Texas. I am committed to working closely with you to ensure you don’t rush into a refinance that might not be in your best interest.

If we’ve worked together in the past, I can offer you extra savings, including waiving your lender’s fees and giving you 50% off title fees if you closed on your home within the last four years.

The Bottom Line

The upcoming decrease in interest rates presents a significant opportunity for both potential homebuyers and current homeowners. However, it’s important to approach these changes carefully and with the guidance of a trusted professional. By waiting for the right time and making informed decisions, you can maximize your savings and achieve your financial goals.

If you’re considering buying a home or refinancing your current mortgage, let’s talk about how we can make these rate changes work for you. Contact me, Toby Thurman, at Encompass Lending to discuss your options and ensure you make the best decision for your future.