The housing market is going through a shift as we head into the last quarter of the year!
On Wednesday, the Federal Reserve cut interest rates by 50 basis points, and today, mortgage rates followed suit.
On Thursday, Freddie Mac reported 6.09% as the average on a 30-year mortgage, down 11 basis points from last week. Long-term rates are now at their lowest level since early 2023, and could continue to fall.
“While mortgage rates do not directly follow moves by the Federal Reserve, this first cut in over four years will have an impact on the housing market," said Sam Khater, Freddie Mac’s Chief Economist. "Declining mortgage rates over the last several weeks indicate this cut was mostly baked in, but we expect rates to fall further, sparking more housing activity.”
Please feel free to reach out to me, I would be delighted to discuss the current market and any potential opportunities that could be on the horizon for you!