Friday Fun Facts – The 1651 Day Wait is Over

It’s been 1651 days since the Federal Reserve last cut rates.

During this era of rising rates, we’ve seen:

• Mortgage rates peak at nearly 8% in October 2023
• Existing home sales plummet to 1995 levels
• Home affordability hit a 40-year low

So when we got the news this week that the Fed was cutting interest rates by 0.55%, we were elated.

Not because this single interest rate will dramatically decrease overnight – but because this signals that this is only the beginning and not the end of interest rate cuts.

What to expect – more buyers, increased competition.

To help you navigate the process of buying or selling your home, please reach out to your Windermere agent.