Today, July 31, the Fed cut the interest rates by a quarter-point. That seems like it will trickle down to meaning something on your home purchase or home refinance, right?
Technically speaking, Federal Reserve officials did not touch any of the rates affecting your homes, investments, credit cards or personal loans...yet. Is this big news though? Yes! This is the first cut in a decade.
The rate they reduced is federal funds rate, which is what banks and other financial institutions charge one another for very short-term borrowing.
Most consumers don’t do that sort of overnight borrowing, but the Fed’s moves still affect the borrowing and saving rates they encounter every day.
That said, interest rates for mortgages on homes are at an amazing low and many Americans could lower their monthly debt by refinancing their home loan.
Here's the other news...while it is still a Seller's market in Summit County, Colorado as well as Denver, Colorado...we have more inventory than usual...by over 35% and that speaks to a win-win for Sellers and Buyers. Buyers have more inventory to shop from and Sellers are still getting incredible prices.
If you're thinking about buying or selling...it's a good time. Next year...an election year...the market gets a little slow. Want to see what's available? Call us.