Another Rate Cut This Week

This week our listings saw an average of 2.8 showings each.   This is a tremendous pickup in activity over the last few weeks.   The increase could be due in part to a 25 basis point drop in the Fed’s key interest rate on Wednesday.   That drop has brought the rate down to 2.25%.   This rate drop may not have an immediate effect on primary mortgages, but it does directly effect the rate on most Home Equity Lines of Credit.

Our office did see a lot of increased activity over the past seven days.   We have begun to see  a better influx of offers on our listings, although negotiating has been more difficult  than it has been in past years.   Buyers have a lot more supply to choose from which has allowed them to become much more aggressive with offer prices.   The bottom line is that we are a lot better off now than we were six months ago, but we still have a ways to go before we can consider things ‘back to normal’.

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