For the last two years, every Federal Reserve meeting has been closely watched. Historically high rates—particularly mortgage rates have everyone hoping for rate cuts that will trickle down to the mortgage market. We know you want to be informed. We’ve compiled this quick update to help!
Let’s take a look at the current situation, what happens next, and what this means for you as a buyer or seller.
What the Federal Reserve did in September:
After the Fed’s most recent meeting in late September, they announced another pause, declining to raise (or lower) interest rates. This is the second pause since March 2022, with the Fed hiking rates at every other opportunity. The Fed has made significant progress in their goal of curbing inflation, but they’re not quite where they want to be yet. They indicated at their September meeting that they may do one more rate hike this calendar year.
This means we’re unlikely to see the cost of borrowing go down in the near future. However, it’s still movement in the right direction!
What we’ve seen rates do since:
Mortgage rates tend to move in the same direction as the Fed’s interest rates; a Fed rate hike tends to push mortgage rates up, and a cut might relax them. However, this isn’t always the case; this is a complex topic, and many different factors can influence mortgage rates. Despite the Fed’s September pause, mortgage rates have risen again.
What happens next?
The Fed has two more meetings coming up this year. Their final interest rate announcements will be on November 1st and December 13th. We’ll likely see one more rate hike this year, and one more pause.
Tracking and predicting mortgage rates could be a full-time job—for some people, it actually is! We can always make educated guesses from the data we have, but it’s impossible to predict the future. When it comes to mortgage rate predictions, expert opinion is mixed.
What this means for you:
If you want to sell your home, you may be agonizing over the timing of the sale. If you want to buy a new home, this is probably even more true. Don’t let mortgage rates or inventory issues hold you back from buying the house that’s right for you, or from selling when you need to!
When it really comes down to it, after all, the best time to sell is when you need to sell. If you’re looking to set yourself up for success in this market, there’s no better way than to sell to MarketPro Homebuyers, especially if your house is dated or in need of repairs. We’ll buy your house fast in any market, no matter the condition! Having us as a resource allows you to jump quickly when you find the right house to purchase.
Work with MarketPro:
We’ll give you a fast cash offer for your current home just as it is now; no repairs, no upgrades, no inspection, no commissions or fees. You can even choose your exact closing date. Our team will walk you through your quote, including a review of what your home would likely bring on the open market.
If you’re in Washington, D.C., Maryland, Virginia, Pennsylvania or Florida, we’d love to show you how easy and stress-free the sales process can be. Contact us today for a same-day, no-pressure quote.
