Will Rates Finally Drop? What September Could Mean for Homebuyers

The Market Right Now
The housing market has been a little bumpy lately, and high mortgage rates are still keeping a lot of buyers on the sidelines. Even though more homes are being built, sales have slowed down because borrowing just isn’t cheap. If you’ve been house hunting, you’ve probably noticed that there are more homes sitting on the market, but fewer people ready to jump in at today’s rates.

What’s Happening With the Fed
All eyes are on the Federal Reserve this month, since many experts are predicting they’ll finally start cutting rates. Most think we’ll see a small cut in September, and some even believe bigger cuts could follow later this year. If that happens, it could give the housing market a little boost and make borrowing a bit easier for both buyers and sellers looking to move.

What This Means for You
The big question is: will this actually make mortgages more affordable? The answer is… sort of. Mortgage rates don’t move in lockstep with the Fed, but we’re already seeing some rates dip to their lowest point in months. That’s good news if you’ve been waiting for a little relief. Just remember—rates may not fall as fast or as far as people hope, so if you find a home you love at a rate you can live with, it might be worth making a move instead of waiting.