Morris Invest’s Real Estate Wisdom: A Blog for Savvy Investors

The Federal Open Market Committee (FOMC) held its 2-day meeting this week, resulting in the key interest rate being left unchanged for a third consecutive time. As it stands, the benchmark federal funds rate is settled at 5.25- 5.5%, a 22-year high that has pushed borrowing costs up substantially. Although this elevated number may sound unfavorable, the fact that the rates have not been pushed up at this point signals the Feds have most likely ended their rate hikes, which will pave the way for much-needed 2024 rate cuts. These new economic projections shine a hopeful light on mortgage rates that buyers and sellers alike have been watching closely. Many economists agree that the path interest rates are currently on will positively impact the housing industry. Mike Fratantoni, Chief Economist and...