One day after the announcement, rates are tumbling
This was the first step in a multi-step process to bring down borrowing costs for banks. With more than one additional reductions anticipated this year, we may posssibly see 30 year fixed drop into the 5s and 15 year fixed into the 4s. We were at 7.22% for 30 year fixed in May 2024!
With these steep drops, don’t you think there will be buyers buying up things before the mad rush comes with drops in rates when a much larger pool of buyers will be competing and driving up prices? Everyone’s been waiting for this for going on two years.
#ratesdropping #MortgageRates #MarketInsights #siliconvalleyrealestate #bayarearealestate #stevemungroup
Tree houses and murder houses
