Today, the Federal Reserve cut the overnight interest rate by 0.5% the first time since 2020 as inflation trends move closer to the Fed’s target, signaling a positive shift in the economy. Mortgage rates had already adjusted prior to this rate cut and have remained relatively steady since, as they are driven by factors beyond the Fed’s control, such as long-term economic outlooks and market demand. For potential homebuyers, this means that despite the Fed’s rate cut, mortgage rates may not drop significantly, making now an opportune time to purchase a home soon. With demand for homes already high, waiting could lead to bidding wars and higher prices. Acting sooner rather than later can help buyers secure their ideal home without the pressure of increased competition.
Buying a new home and would like to know how much you can qualify for? Or perhaps, you are looking to consolidate your revolving and/or installment debts, improve your home or access your equity from your home for the next investment. Contact me at 925-216-3618 today!
