09/19/2024
Woo Hoo! Finally, after 4 long years, we have a Fed rate cut!
The Federal Reserve cut the Fed Funds Rate by 0.5%, its first decrease in four years. This reduction lowers credit card and home equity line of credit rates by 0.5%. CD and high-yield account rates may decrease, while auto loan rates are likely to follow. Mortgage rates, already falling, will continue to drop. With borrowing costs decreasing, spending is expected to increase. Now is a vs great time to purchase a home as sellers are still willing to negotiate. Not for long though, with the market heating back up multiple offer situations are likely in the near future once again.