MACON, Ga. — Many look at home ownership as the American dream. First-time home buyer Owen Freel looked for a home to buy in his hometown of Macon in 2023.
"There's been ups and downs in that process. It's something I've been wanting to do for a while, but more seriously over the last few years," says Freel.
He discovered those ups and downs including fluctuating interest rates in 2023. Experts say a big reason is inflation.
"The market was like a roller coaster. It was up and down. As soon as we got a great rate and quoted that rate they would make an offer and the rates were up a half a point," says Carla Vento mortgage loan officer with Midstate Mortgage.
Vento says interest rates peaked about 8% last year and now they are not changing as quick and as high. Stephen Jones owner of Midstate mortgage says the rate changes leaves a common question for potential buyers.
"Do you buy a house today and pay a higher rate or wait for rates to come down," says Jones.
Jones recommends getting the home now because if rates go down competition for the home you want is up.
"When these rates come down it's a mad house. There's multiple offers and people willing to pay over asking price," explains Jones.
"At this point it's just finding that right home at the right price. I'm excited about it still," says Freel.
The Federal Reserve meets January 30th. The meeting could determine if the feds will raise rates again.
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