Did you hear the news? The Federal Reserve decided to lower short term interest rates – the first cut since the 2008 financial crisis. This is great for our economy, but what does it mean for mortgage rates?
In short, a drop in short term rates will not have a huge impact on mortgage rates that are already at historic lows. If you’re thinking about refinancing or purchasing a new home, now is the time to make a move and lock in your rate.
Analyzing July’s market statistics, we saw an increase in housing inventory creating a more balanced market. Homes are sitting a little longer, but we aren’t in a buyer’s market just yet. Take a look at the market stats below.
July Market Overview
115 New Listings
98 Sold Listings
43 Average Days on Market
4 Months of Inventory
Thank you for joining me for this month’s market update. If you have any questions on how this may affect your purchase or sale, give me a call or shoot me a text. I look forward to talking to you.