The Worst Kept Secret in America is that the FOMC (Federal Open Market Committee) will lower the short-term interest rates in their upcoming September Meeting.
Exciting news is on the horizon: The Federal Reserve is expected to cut short-term interest rates by 0.25% to 0.50% in their upcoming September 17-18 meeting. While they don’t directly control mortgage rates, this move often leads to lower mortgage rates, making home loans more affordable. For potential homebuyers, this could mean being able to afford a bigger or better home without stretching the budget. Current homeowners might also see this as a prime opportunity to refinance their existing mortgages and save money over time.
However, it’s important to understand that lower rates could also lead to increased competition in the housing market. With more buyers trying to take advantage of the lower rates, home prices in popular areas could rise, making it tougher for first-time buyers or those with limited budgets to find affordable options.
For real estate professionals, this potential rate cut is a chance to engage with both buyers and sellers. Buyers should be informed about the benefits of moving quickly in a lower-rate environment, while sellers might consider listing their homes now to capitalize on the increased demand.
In short, a rate reduction by the Fed could energize the housing market, but everyone should be aware of the challenges that might come with it, such as rising prices and limited inventory. If you’re considering buying, selling, or refinancing, now is the time to start planning your next move!
The Worst Kept Secret is coming soon!
Here is a link to some of the other types of home loans I finance as a Broker: Types of Loans
Contact me today to learn more:
Jeff Markell NMLS# 224196
Grandpa Mortgage – U.S. Air Force Veteran
Reverse Mortgages – Mortgage Broker In OC
(714) 614-4040
jeff@empirehomeloans.com
Empire Home Loans, Inc. NMLS# 1839243
Serving all of California
www.mortgagebrokerinoc.com
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