Fed drops Interest rates 50 basis points.
What are the analysts saying about the impact on mortgage rates? We have seen a decrease in mortgage rates over the past month or two. There is a prediction of more drops to come. What does this mean for home buyers... Start shopping. Remember the closing date is negotiable. You can wait until the end of the loan qualification process during your closing period to Lock your rate. That means if rates decrease again in November, you can take advantage of the new lower rate before closing.
For sellers who have a low rate, the gap is closing - Do you want to continue to wait holding on to a low rate and holding off your life plan? If it's time to move because your house is not right-sized, your kids moved away, grand kids are on the other side of the US... the time is now. Your equity is locked up in your real estate not usable, this is the definition of opportunity cost. (opportunity lost).