LEARNING ABOUT INTEREST RATES AND HOME PRICES CAN BE OVERWHELMING.

BUT MANY LATINOS HAVE CONQUERED THOSE CHALLENGES BECOMING A GROWING DEMOGRAPHIC OF HOME BUYERS, ACCORDING TO DATA FROM THE U.S. CENSUS BUREAU HERE TO TAKE A LOOK AHEAD AT THE MARKET IN 2024.

EMIL FABIAN, THE AS VICE PRESIDENT MORTGAGE LENDING AT GUARANTEED RATE.

THANK YOU FOR JOINING US.

I JUST MENTION TO YOU, I JUST BOUGHT A PROPERTY.

SO I UNDERSTAND HOW OVERWHELMING IT COULD BE.

NOW, LET'S START WITH INTEREST RATES AFTER REACHING ALMOST A PERSON LAST YEAR, WE SAW THEM SLIGHTLY IN DECEMBER.

SHOULD BUYERS EXPECT THIS TO CONTINUE IN 2024, WHAT ARE YOUR PREDICTIONS?

SO THAT IS WHAT WE'RE SEEING NOW.

JOANNA IS WE'RE SEEING, YOU KNOW, CONSENSUS ACROSS THE BOARD.

THE FED HAS ALREADY TALKED ABOUT >> THEM, CUTTING THEIR THEIR RATES IN THE IN THIS COMING YEAR.

SO WITH THE FED EXPECTED TO CUT THEIR RATES.

WE COULD THEN SEE ON OUR SIDE, THE MORTGAGE LENDING SIDE.

OUR RATES ALSO GO DOWN.

>> AND FOR PEOPLE DON'T KNOW REALLY WHAT INTEREST RATES MEAN AND THEY PERCENT 7% HOLD PERCENT.

CAN YOU BREAK THAT DOWN FOR US A LITTLE BIT?

SO AN INTEREST RATE IS WHAT THE BANK IS GOING TO BE CHARGING YOU ANNUALIZED OVER THE YEAR BROKEN DOWN MONTHLY AND YOU WILL BE PAYING IT WITH YOUR MONTHLY PAYMENT.

MOST LOANS ARE GOING TO BE A 30 YEAR FIXED INTEREST RATE.

THEY'RE GOING TO END ITS RISE OVER THAT 30 YEAR.

I KNOW THESE ARE A LOT OF SCARY WORDS.

I'M PROBABLY SAYING JOANNA.

>> BUT AT AT THE END OF THE DAY, OVER THE 30 YEARS, IF YOU MAKE PAYMENTS AT THE MINIMUM AMOUNT, YOU'LL PAY OFF THE BALANCE THAT YOU OWE THE THE GOOD NEWS THERE YOU ARE PRIMARILY WITH FIRST-TIME HOME BUYERS.

>> WITH THIS PROBLEM, MORE OF THEM TO WOULD YOU DO THINK THIS WILL PROBABLY MORE THAN ENTER THE MARKET AND BUY THEIR FIRST HOME?

I BELIEVE HISTORICALLY SPEAKING, HOMEOWNER SAID >> IS THE LARGEST CONTRIBUTED TO NET WORTH IN UNITED STATES THE THERE'S STUDIES THAT SAY IN 2019, THE AVERAGE HOMEOWNER HAD A WORTH 40 TIMES GREATER THAN A RENTER.

SO I I DO BELIEVE THAT HOME OWNERSHIP IS STILL GOING TO BE VERY JUST THAT'S THE WAY TO GO.

I KNOW SOMETIMES IT'S NOT MAYBE THE VILE.

THAT'S NOT THE SOLUTION FOR EVERYBODY.

>> YEAH, DEFINITELY SPEAKING.

I WOULD SAY THAT IT IS ALWAYS GOING TO BE ADVANTAGE TO BE A HOMEOWNER.

AND ARE THERE OTHER FACTORS LEADING PEOPLE TO BUY HOMES SUCH AS INCREASING RENTAL PRICES?

THAT'S SOMETHING THAT I HAVE I'M NOT SURE THE EXACT STUDIES IN NUMBERS BEHIND THAT.

BUT WITH RENTS GOING UP, SOME PEOPLE THINK THAT IT IS EASIER FOR THEM TO PAY A MORTGAGE OF RIGHT NOW.

IT'S HARDER TO RENT THERE, BUT SCRUTINIZING RENTERS MORE.

THEY'RE LOOKING AT THEIR CREDIT.

>> THEY'RE LOOKING AT THEIR INCOME.

THEY'RE LOOKING AT THEIR ASSETS.

THEY'RE ALSO ASKING FOR SOMETIMES 2 MONTHS OF A SECURITY DEPOSIT, WHICH CAN SOMETIMES EQUAL A DOWN PAYMENT TO LOT.

SOMETIME.

IT'S IT'S CALLED WHAT WOULD YOU SAY IS ENCOURAGING LATINO BUYERS?

>> AGAIN.

BUT INFORMATION THAT'S COMING OUT THERE ARE REPORTS TALKING ABOUT GROWTH OF >> HISPANIC HOMEOWNERSHIP.

SO JUST BRIDGING THAT WEALTH GAP, I THE RATES OF HOMEOWNERSHIP, WE'RE GOING TO SEE, YOU KNOW, RAISE IN OUR IN OUR LATINO COMMUNITY AND HOW MANY FAMILIES ARE PEOPLE.

WOULD YOU SAY THAT YOU HELP THEM BUY THEIR FIRST HOME LAST IT'S WEIRD TO SAY LAST YEAR COULD GO, YOU WE'VE BEEN FORTUNATE ENOUGH TO HELP HUNDREDS OF THAT'S SOMETHING THAT I LOOK FORWARD TO CONTINUING THIS YEAR FORWARD.

>> AND IN THE FUTURE IS MADE YOU WANT TO GET INTO HELPING PEOPLE, YOU KNOW, PURCHASE HOMES.

GREAT QUESTION.

AND I IT BACK IN 2016 WHEN I GOT LICENSED, I SAW THE JUST A LACK OF INFORMATION THAT SOMETIMES WAS AVAILABLE TO OUR COMMUNITY.

SO I WANTED TO MAKE SURE THAT OUR COMMUNITY HAD SOMEONE THAT SPOKE THEIR LANGUAGE THAT UNDERSTANDS THEM AND THEIR GOAL IS TO HELP ACHIEVE THEIR GOAL OF HOMEOWNERS CAN WITH PERSONAL EXPERIENCE.

YES, I KNOW SOMETIMES IT WITH BETWEEN AGE BRACKET, SOMETIMES IT FEELS LIKE IT'S ALMOST IMPOSSIBLE.

HAVE YOU SEEN AN INCREASE WITHIN THE EDGE LIKE MAYBE LET'S SAY, LIKE BETWEEN 20 35 PEOPLE ARE TRYING TO BUY PROPERTY.

YEAH, THAT IS A THAT'S ANOTHER IN A STUDY THAT'S COME OUT.

THERE IS A LARGE LARGER OFF FAMILY FORMATION THAT'S GROWING IN THE LATINO COMMUNITY.

SO A LOT OF US, INCLUDING MYSELF, FIRST TIME FIRST GENERATION, I'M SORRY, AMERICANS HERE ARE, YOU KNOW, ENTERING THE HOMEOWNERSHIP RIGHT NOW, FIRST GENERATION TO.

SO I THINK WHEN BOUGHT FINALLY MY FIRST PROPERTY WAS A COLD OUT.

I DID.

WAS A UFO.

THE AMERICAN DREAM, AMERICAN SO MOST OF THE PINCH MYSELF LIKE THAT.

I JUST REALLY DO.

ISN'T YOU TELL OTHER PEOPLE WHO ARE SIMILAR AND IN OUR SHOES LIKE YOU CAN DO IT TO CORRECT?

YEAH, THAT'S SOMETHING THAT IT'S VERY ACCESSIBLE ON THIS PAST YEAR.

WE DEALT A LOT WITH AFFORDABILITY JUST WITH THE HIGHER RATES PRICES STAYING HIGH.

>> WITH THE DEMAND WAS STILL HIGH.

SO PRICES STAY HIGH.

SO THE AFFORDABILITY WAS SOMETHING THAT WE REALLY, YOU KNOW, FACE LAST YEAR.

BUT NOW WITH.

>> HOPEFULLY FORECASTED TO GO DOWN.

THE AFFORDABILITY ISN'T SO MUCH THE ISSUE AND WE MAKE HOMEOWNERSHIP ACCESSIBLE TO EVERYBODY TAKEN.

SO YOU COULD PROBABLY GUESS I'M MAYBE MORE PEOPLE ARE GOING TO TRY TO BUY AND OTHER HAND ARE SELLERS GOING TO TAKE THIS INTO CONSIDERATION AND BE MORE WILLING TO SELL WHICH YOU SAY THAT SOMETHING THAT, YOU DEFINITELY OUR REAL ESTATE PROFESSIONALS CAN DEFINITELY, YOU KNOW, HELP ANSWER THAT QUESTION AS WELL.

>> I DO FEEL THAT THEY WILL HOPEFULLY BE INCLINED PUT THE MARKET THE PROPERTY ON THE MARKET.

>> KNOWING THAT THEY CAN ALSO GET INTO A NEW MORTGAGE.

THAT'S NOT THE 8% ANYMORE.

YEAH.

AND WHEN INTEREST RATES POSSIBLY GOING DOWN WITH WHICH THIS WILL HELP THE PROBLEM OF HOUSING INVENTORY.

HOPEFULLY.

I'M WORKING WITH, YOU KNOW, A LICENSED PROFESSIONAL CAN ALSO HELP.

>> FINANCING, MORE CREATIVE.

YOU WHERE WE CAN HELP YOU.

>> EXPAND PROPERTIES THAT ARE AVAILABLE TO YOU WITH DIFFERENT TYPE OF LOAN PROGRAMS.

AND SOMEONE WHO'S BEEN DOING IS WHAT TIPS DO YOU DO?

WOULD YOU HAVE FOR PEOPLE LOOKING TO GET INTO THIS MARKET THIS YEAR?

DEFINITELY REACH OUT TO A START A CONVERSATION.

LET THEM KNOW WHAT YOUR GOALS ARE WORK WITH SOMEBODY THAT IS REALLY GOING TO LISTEN TO YOU AND HELP YOU FOCUS ON YOUR GOALS AND HELP YOU REACH THOSE GOALS INSTEAD OF THEIR OWN PERSONAL GOALS.

THANK YOU SO MUCH FOR JOINING US TODAY.

THANK YOU FOR HAVING JOY AND WE'RE BACK TO WRAP THINGS UP RIGHT AFTER THIS.

>> STORIES ABOUT CHICAGO.

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