2024 Mortgage Year in Review and One Big Lesson Learned

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What a year! I’ve had countless conversations over the past 12 months with my Westchester Mortgage clients who have been waiting for a significant drop in rates. But those who stayed on the sidelines waiting for “the perfect moment” have missed their chance to secure their dream home this year. Let’s have a look back on 2024, review the year in mortgage rates and discuss the one big lesson we can take into 2025.

Mortgage Rates in 2024: Stability Amid Uncertainty

Contrary to what many expected, mortgage rates didn’t see wild swings this year. The year began with the 30-year fixed mortgage rate averaging 6.64%, peaked mid-year at just over 7%, and settled back down to 6.69% this month. While rates were higher than what we saw a few years ago, the fluctuations were minor in the grand scheme of things. Here’s a breakdown of monthly averages:

Monthly Average 30-Year Fixed Mortgage Rates in 2024:

  • January: 6.64%
  • February: 6.81%
  • March: 6.82%
  • April: 6.97%
  • May: 7.06%
  • June: 6.93%
  • July: 6.82%
  • August: 6.50%
  • September: 6.18%
  • October: 6.43%
  • November: 6.80%
  • December: 6.69%

This consistency surprised many, particularly during an election year. Historically, election years can create uncertainty in the housing market, with buyers wondering if political changes will impact rates or affordability. However, 2024 showed little evidence of election-related volatility affecting mortgage rates. The help this year came not from presidential stump speeches, but from the Fed’s rate cuts, which always create the greatest impact.

The One Big Lesson: “You Date the Rate And You Marry the Home”

For those who spent 2024 waiting on the sidelines for a major drop in rates, the year’s lesson is this: the perfect time to buy isn’t decided by rates alone. There’s a saying in our business: “You date the rate and marry the home.” This means falling in love with and committing to your dream home for the long term, rather than fixating on finding the absolute lowest rate.

Rates can change, but the right home for you won’t always be available. And remember, there’s always the option to refinance later if/when rates improve.

Many potential homebuyers now find themselves looking back and realizing they could have moved forward months ago. Instead of waiting, those who purchased their homes in 2024 are now settled, building equity, and ready to take advantage of future refinancing opportunities. Look at the rates above: In January, the rate was 6.64 and now it’s 6.69. That’s a difference of just five one-hundredths of a percent — almost exactly where we started the year.

Looking Ahead to 2025

As we head into the new year, the market may continue to stabilize. While rates aren’t guaranteed to drop dramatically, they also aren’t expected to rise sharply. The key is to focus on what you can control: identifying the home that’s right for you and creating a financial strategy that supports your goals. I’m here to help you navigate the market and find the best path forward.

Let’s make 2025 the year you stop waiting and start living your dream. Reach out today, and let’s explore your options together!

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Ready to buy a new home or refinance the one you own? Please get in touch and I’ll be happy to answer your questions and help guide you through the process. I look forward to speaking with you.

Happy Holidays

This year, Christmas and the first night of Hanukkah coincide, creating a unique celebration for those who observe one or both holidays.

Christmas and Hanukkah overlap occasionally due to the differences between the Gregorian calendar, which governs most of the world’s holidays, and the Hebrew calendar, which sets the dates for Jewish holidays. The Hebrew calendar is “lunisolar,” meaning its dates shift annually in relation to the Gregorian calendar. As a result, Hanukkah can fall anywhere from late November to late December, with occasional overlaps with Christmas Day.

Here are the last three times Christmas and Hanukkah aligned:

  • 2016: The first night of Hanukkah fell on December 24, with the second night on Christmas.
  • 2005: The first night of Hanukkah coincided directly with Christmas.
  • 1978: The first full day of Hanukkah was on Christmas.

To everyone celebrating, may your homes be filled with light, love, and togetherness. Happy Hanukkah and Merry Christmas to all!

Home Improver: Dog-Safe Ice Melt: Protect Your Pups!

As temperatures drop and icy sidewalks and driveways become a hazard this winter, it’s important to choose ice melt products that are safe for your furry friends. Many traditional de-icers contain chemicals like sodium chloride or calcium chloride, which can irritate your dog’s paws and potentially cause harm if ingested. We have found some pet-safe alternatives that keep pathways clear without putting your pup at risk.

What to Look For in Dog-Safe Ice Melt

Pet-friendly ice melts typically use gentler ingredients like magnesium chloride or urea, which are less likely to irritate paws or cause digestive issues if your dog happens to lick their feet after a walk. Look for products explicitly labeled as “pet-safe” and check the ingredients list to ensure there are no harmful additives.

Tips for Winter Safety

  1. Use Sparingly: Even pet-safe ice melts should be used in moderation to minimize residue.
  2. Protect Paws: Consider using paw wax or dog booties to shield your dog’s feet from ice, snow, and de-icer.
  3. Wipe Paws After Walks: Always clean your dog’s paws after they’ve been outside to remove any potential irritants.

Recommended Products

Some popular dog-safe ice melt brands include:

Consider choosing the products that keep your dog safe and comfortable throughout the winter months. Your pup’s paws will thank you!