As you embrace the fresh opportunities of fall, know that there have been some recent changes and newsworthy shifts in the market that could make your home-buying or selling journey that much easier! We’re diving into some of the top takeaways from the past month that could affect your real estate goals. As always, timing the market to perfection is impossible, so the best moment to make your move is whenever you feel best prepared personally to make that exciting home purchase or successful sale.
The Latest Market News
- On September 18, the Federal Reserve cut rates by half a point. Although this cut has been anticipated, the size of the cut was largely unexpected.
- Mortgage interest rates are at a two-year low. If you’ve been waiting for rates to drop, now might be your time to strike!
- Conventional loan limits are increasing to $802,650. With the lower rates you can borrow for less and now you can borrow more. The previous limit was $766,500, meaning borrowers now have $36,150 more buying power.
Take a look at this graphic for a better sense of how lower rates can drastically affect your budget.
For more information, reach out to trusted Movement Mortgage lenders Jolene Messmer, Carese Busby, or Rick King.
