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Their October 2024 data analysis saw several cities that could see these shifts within the next several months.
Why only certain cities?
Because some areas have higher rates of homeowners who are still paying off their mortgages.
So cities that have the highest amount of homeowners who still have mortgagescould see more of an impact.
Going further, according to analysis from Realtor.com, around 84% of mortgages are 6% or less.
However, that doesnt mean you wont see significant savings.
Keep in mind that this doesnt include any homeowners insurance or property taxes youre on the hook for.
Shopping Around
When youre ready to shop around, see if you might get prequalified.
Doing so wont affect your credit score.
That is, as long as you submit your applications close together.
Saving several hundred dollars monthly may be worth your time to shop around lenders once rates start to fall.
Even if youre not living in one of these cities, you personally could see some savings.
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