The Money Section | When should you lock in your mortgage rate?

͏Also, there are too many sick homes. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [The Charlotte Observer]( December 7, 2023 • Issue #62 [The Money Section] This week, we’re looking at when you should lock in your mortgage rate, when it’s more effective to build versus buying your house, and some of the expected housing market shakeups for 2024. When should you lock in your mortgage rate? [House]( Shutterstock Mortgage rates have fluctuated significantly, now sitting above 7% due to the Federal Reserve's focus on inflation. With home prices in the six- and seven-figure range, even slight rate changes can impact thousands of dollars over the loan term. [Here’s what you need to know.]( ⬆️ Mortgage refi applications up 14% from last week. The current mortgage rate climate has prompted a 14% increase in home loan refinance applications. However, the demand for refinancing remains relatively low compared to the earlier years of the pandemic when rates hit record lows. [Read more.]( 😓 There are too many sick homes. The connection between housing and health is gaining recognition, with public health experts emphasizing the impact of buildings on the nation's health. Healthcare spending could offer a potential solution to address housing issues and fast-track [much-needed investments.]( To buy or to build? That is the question. [House under construction]( Getty Images Thanks to the steep rise in home prices and limited inventory, it's more cost-effective to build a home than to buy an existing one in over a third of U.S. states. [See where it’s more affordable to buy vs build.]( 📉 US job openings plummet to lowest level in 2+ years. In October, job openings in the US dropped to 8.7 million, marking a two-year low. This signals a slowing job market and led to a rise in government debt values as traders expect the Federal Reserve to pursue a more cautious policy. [Here’s what this decline suggests.]( 🏠 Housing market shakeups for 2024. The US housing market in 2023 faced challenges with high mortgage rates and low inventory, leading to an affordability crisis. Zillow predicts changes for 2024, including more homes on the market due to higher interest rates, leveling off of home-buying costs, increased demand for single-family rentals, [and more.]( When will the rate cuts begin? [Rate cuts]( Money; Getty Images The US Federal Reserve's stance on interest rates is generating debate among experts, with predictions ranging from rate cuts in early 2024 to a more prolonged delay. Some anticipate rate cuts as early as March 2024, citing a slowdown in inflation and economic growth, while others believe it's more probable in the second half of the year. [Read more.]( 💰 Stocks stayed about the same. US stocks stayed mostly flat as investors considered labor market data showing signs of cooling. The ADP private payrolls report, which revealed only 103,000 jobs added in November, contributed to this sentiment. Some strategists also caution that bets on rate cuts [may be "overdone".]( 💛 Gold stabilizes after record-breaking rally. Gold prices steadied around $2,025 per ounce after reaching a record high of $2,135.40 earlier in the week. With the U.S. jobs report and the Federal Reserve's meeting next week, analysts anticipate volatility in gold and silver markets, especially amid geopolitical tensions influencing precious metals. [Here’s what you need to know.]( Smart Money Move For a happier new year, boost your credit score [Credit repair] [Credit repair]In a landscape of 22-year-high interest rates, a solid credit score can be your financial superhero. As we head into 2024, now is a good time to elevate your score with the help of credit repair companies. They can help you dispute errors – potentially saving you thousands of dollars in interest fees – and could open doors to better credit terms. [See our list of the Best Credit Repair Companies for A+ BBB-rated companies and complimentary consultations.]( Stories we're reading this week - [Bitcoin’s Rally Shows No Sign of Stopping. Why Crypto Keeps Rising.]( - [These 10 Cities Could Be the Hottest Housing Markets in 2024]( - [IBM, Meta Form “AI Alliance” With 50 Organizations To Promote Open Source AI]( - [Auto Loan Rejection Rates Are at a Record High — Here’s How to Improve Your Odds of Approval]( - [Apple Breaks Out To $3 Trillion Valuation]( - [Should You Refinance Federal Student Loans Now That Payments Are Back?]( - [Is A Recession On The Horizon? More Bank CEOs Think So]( The Money Section is written in partnership with Money Research Collective This email was sent to {EMAIL} because you are signed up to receive marketing emails or newsletters from The Charlotte Observer. If you no longer wish to receive emails of this type, you may [unsubscribe]( or [update your email preferences](. We are unable to monitor replies to this email. Please [contact customer service]( if you have any questions or concerns. [Privacy Policy]( | [Terms of Service]( | [View in Browser]( Copyright © 2023 The Charlotte Observer. All Rights Reserved. 9140 Research Drive, Charlotte, NC 28262