November 2024 Real Estate News
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In the November 2024 edition of Real Estate News, we look at the home energy audit, maximizing your wardrobe for winter, and easy appetizer ideas for Thanksgiving. We also look at how homebuyers will benefit from shifting market trends and what happens when mortgage rates drop. All of this and more in the November 2024 Real Estate News.
Here’s What Happens When Mortgage Rates Drop
The Federal Reserve’s recent decision to cut its key interest rate by half a percentage point—the first cut in four years—has significant implications for both buyers and sellers. While the Fed doesn’t set mortgage rates directly, its actions influence them. By lowering the federal funds rate—the rate at which banks lend to each other—the Fed indirectly pushes down other interest rates, including mortgages. However, mortgage rates are also shaped by broader economic factors beyond the Fed’s control. Here’s what to expect:
Don’t Wait for the “Perfect” Rate
If you’re considering buying a home, holding out for lower rates might seem wise, but experts recommend acting now. The 30-year fixed mortgage rate is hovering around 6.5%, down from over 7.6% last year. According to Jessica Lautz, deputy chief economist for the National Association of Realtors (NAR), anticipated rate cuts are likely already factored into current mortgage rates. Buyers should take advantage of today’s rates, as refinancing remains an option if rates drop further.
Thank You and Have a Great Day
Marina Jacobson
Broker, SFRDirect: 847-510-5009
Cell: 847-361-5605
Fax: 847-510-5109
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