• calendar_month November 14, 2024
• folder Interest Rates

Have you heard the news? The Federal Reserve lowered interest rates by an additional 0.25%. The big question is: How will this change affect you? And how will it affect homebuyers and homeowners?

Let’s see how you can take advantage of the change, and why now could be the perfect time to move in the housing market.

Let’s break down the rate cuts: Lower rates reduce the cost of mortgages, credit cards, and loans. Pretty much everyone under the sun can benefit from rate cuts. With that life becomes a little more affordable. We recommend working with a mortgage broker like Golden Coast Finance (https://www.goldencoastfinance.com/) when you’re ready to begin your home search.

Three ways rates cut impacts homebuyers: 1) Homebuyers can anticipate smaller monthly mortgage payments; 2) When rates drop, it’s cheaper to borrow money. Buyers can afford a home that might’ve been out of reach when rates were higher. 3) Lower rates increase competition, and we all love lower rates. This drives people into the housing market, which can increase competition, and homes sell faster.