Earlier today, the Federal Reserve announced a 0.5% rate cut! While this doesn’t directly affect mortgage rates, it often signals broader economic changes that can influence them in the near term.
In response to this rate cut, we could see mortgage rates adjust lower in the coming weeks. While rates are influenced by various factors—such as inflation and economic outlook—this is a promising sign for both homebuyers and those looking to refinance.
If you’ve been considering purchasing a home or refinancing, now is the time to start planning. Lower rates can mean lower monthly payments, which can be a game-changer for your budget and long-term financial goals.
With borrowing costs potentially dropping, more buyers may enter the market, boosting demand. This could make the housing market more competitive, especially here in Denver and surrounding areas. For sellers, it could be an opportunity to attract more interest. For buyers, acting quickly while rates are low can make a significant difference in affordability.
Milestone Home Mortgage LLC NMLS #2588937. Michael Shotnik NMLS: 218281, CO License: 100017466. Not licensed in Alaska or New York. To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.
