Buyers • Housing Market • Interest Rates • Sellers • Uncategorized • September 25, 2024

But Josh. What Now?

by Josh Friend

OK. Let’s recap 2024. From January – April things were ho-hum. Status quo. Then from May to September we saw an uptick in activity but nothing earth-shattering. Yes. The Fed rate cut gave us a change noteworthy enough to speak about. Prime rates dropped from a high of 8.5% to 8%. This will directly affect your credit cards, car loans, and HELOC’s. Wait. What about the mortgage rates Josh? Can I now afford more house? Yes, of course, but mortgage rates were dropping well before the rate cut. What the press fails to mention is that mortgage rates are not tied directly to the Fed’s rate. They are tied to 10-year treasury bonds, which in anticipation of the Fed’s rate cuts, had been dropping for weeks. Yes, a rate cut is a good thing, but mortgage rates reflected the change weeks ago – and now that we are past the summer buying season…well, you do the math. So what now? Read my view of the market: buyer’s buy. Sellers hold until spring.

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Josh Friend | JoshFriendGroup.com

Broker | Realtor
Windermere Real Estate/East, Inc. - Bellevue Office
700 112th Ave NE, Suite 100
Bellevue, Washington

425.894.3993
josh@joshfriendgroup.com