FOMC week! Rate cuts are coming later today. Will it be .25bps or .50bps? As we head into today's meeting. The 10yr yield is sitting just above 4%. As of yesterday, 30yr mortgages posted a national avg of 6.13%. My preferred lender/broker, Dara Delgado - Home Loans, posted her best rate on Monday at 5.875%. Later today is sure to provide fireworks as markets across the world, traders and home buyers are all greatly anticipating the decision. Market reactions will be fun to watch this afternoon. On top of that, we will see numbers posted shortly for mortgage applications from last week. The week before saw a positive increase of 10%. I'd be shocked if we don't match that number or increase it. The question is...will all of this actually translate into more real estate activity? This month's market update graphic below highlights the slow down heading into August and back to school, but it doesn't show us the steady rise in activity I've been noticing WoW since the middle of August. Buyer's at lower price points remain picky, so we'll need to see how everything plays out after today as we head into October and the 4th Quarter. |
