Veronica Dagher

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3,082 appearances 51 recordings 1 series first heard Sep 2017 last heard Jan 2025

Veronica Dagher’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How the Fed’s Rate Moves Could Help Home Buyers in 2024 · 2 Feb 2024 podcast

But overall, they're thinking directionally rates are going down. matched

We may see some short term bumpiness in the near term as the market shakes out, whatever the Fed is saying. matched

But overall, the trend is looking positive for buyers. matched

So take, for example, you have $400,000 home and you put about 20% down and you have a 6.93% matched

30-year fixed mortgage. matched

If you have that situation, you're paying about $2,113 a month to your mortgage. matched

Now, if rates drop to, say, 6.18%, your monthly payment is going to fall about $160. matched

And so that's a nice chuck and change for some people. matched

And over time, that savings can add up to tens of thousands of dollars. matched

Most people hear that big number, that 30-year rate, and they get scared off. matched

That's just an average. matched

There's ways to lower your rate depending on your own financial situation. matched

For example, if you have a better credit score, you can get a better rate. matched

Increasing your credit score, even by a small amount, can help you reduce the cost of buying a home. matched

It really does. matched

It's something so many people don't do because they get intimidated and there's a lot of jargon when it comes to mortgages, but shopping around can really save you money. matched

There's been some recent studies that it can add up to an average of 0.10 percentage points. matched

So for example, you could save a couple thousand dollars or more, tens of thousand dollars over the course of the loan matched

if you shop around. matched

So don't take that first offer. matched

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