The Federal Reserve gave home shoppers what they hoped for this week: a big rate cut and a signal of more cuts to come.Even so, aspiring homebuyers and homeowne
The Federal Reserve gave home shoppers what they hoped for this week: a big rate cut and a signal of more cuts to come.
Rates have been mostly declining since July in anticipation of a Fed rate cut. The average rate on a 30-year mortgage is now 6.09%, according to mortgage buyer Freddie Mac. That's down from 7.22% in May, its peak so far this year. Mortgage rates are influenced by several factors, including how the bond market reacts to the Fed's interest rate decisions. That can move the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.
With a homebuying budget between $1 million and $1.5 million, he and his wife are still searching for that perfect gem — a house with five bedrooms to grow in with their three kids. "What I try to do is bring them back to reality," said Mike Opyd, a broker with Re/Max Premier in Chicago. "I tell them, 'if you're serious about buying, get in now."
In February, Yae, a compensation analyst, was initially quoted a 7% mortgage rate. By the time the deal was done, his rate had come down only to about 6.63%.
Federal Reserve Homebuyers Rate Cut Refinancing Housing Market Interest Rates Home Prices
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fed meeting live updates: Fed lowers interest rates by half point, its first cut since 2020The Federal Reserve slashed interest rates by 50 basis points at the conclusion of its September policy meeting.
Read more »
Fed's Goolsbee: There is an overwhelming Fed consensus for multiple rate cutsFederal Reserve (Fed) Bank of Chicago President Austan Goolsbee noted on Friday that Fed officials are finally beginning to catch up with the broader market's view that the time has come for movement from the US central bank on policy rates, but downplayed discussion of a larger opening cut in September.
Read more »
Federal judge denies Trump’s request to move hush money case to federal courtA federal judge Tuesday denied Donald Trump’s request to move the New York hush money case to federal court, finding there is nothing in the Supreme Court’s presidential immunity ruling that alters his view of the fact that the payments were “private, unofficial acts.
Read more »
Fed’s Daly: Fed needs to cut policy rate because inflation is falling, economy is slowingOn Thursday, San Francisco Federal Reserve President Mary Daly said that the “Fed needs to cut policy rate because inflation is falling and the economy is slowing.” Additional comments On size of Sept Fed rate cut, 'we don't know yet'.
Read more »
Why the Fed is set to cut interest rates and what does that meanThe Federal Reserve (Fed) is expected to cut interest rates on Wednesday.
Read more »
Week ahead: Updates from the RBA and SNB eyed; US PCE data also on the radarAt the centre of things last week was the US Federal Reserve (Fed) rate announcement.
Read more »