Fed Cuts Rates this week!

This week our listings saw an average of 1.9 showings each.   This traffic is down over the past few weeks which have been  seeing well  above 2 showings each.   This could be due to the Easter holiday and spring break, but could also be due to the uncertainty in the market.  

On the bright side, the Fed cut rates again this week by 3/4 points which has translated to a slight drop (of about .25%) of 30 year fixed mortgage rates.   The downside is that the financial industry as a whole has been experiencing an increased state of confusion.   Mortgage requirements have become increasingly more strict in recent weeks and loans have become much harder to find.   While well qualified borrowers are in a great position for purchases and refinances right now, those with less than great credit or little money to put down will have a hard time  with financing.   Fannie Mae has recently eliminated the 100% financing loan and many other similar programs have ceased to exist.   For sellers this  means there will be fewer qualified buyers for the increased housing supply.  

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