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It’s been 1651 days since the Federal Reserve last cut rates.
During this era of rising rates, we’ve seen:
Mortgage rates peak at nearly 8% in October 2023
Existing home sales plummet to 1995 levels
Home affordability hit a 40-year low
So when we got the news this week that the Fed was cutting interest rates by 0.55%, we were elated.
Not because this single interest rate will dramatically decrease overnight – but because this signals that this is only the beginning and not the end of interest rate cuts.
What to expect – more buyers, increased competition.
To help you navigate the process of buying or selling your home, please reach out me to discuss the latest information and trends!
