"Earlier this month, the Federal Reserve lowered its benchmark interest rate by 25 basis points and signaled it is prepared to make additional cuts this year. Lenders are always trying to anticipate the Fed's action and have been preparing for this latest round of cuts for the past few weeks. However, the forward guidance and clarity of future cuts have helped drive mortgage rates even lower, down to nearly 6%. These lower interest rates have had a positive impact on the local housing market,"
"'The market has picked up for my buyers,' Terese Ferrara of Keller Williams Bay Area Estates said. 'Many are actively engaging again, requesting disclosures and asking for detailed information about homes they are considering. The Federal Reserve's recent rate cut has lowered borrowing costs on mortgages, auto loans, personal loans and even credit card rates. This has increased affordability and confidence, bringing more buyers back into the market.'"
The Federal Reserve cut its benchmark interest rate by 25 basis points and indicated readiness for additional cuts this year. Lenders anticipated the move and forward guidance pushed mortgage rates down to nearly 6 percent. Lower borrowing costs improved affordability across mortgages, auto loans, personal loans and credit cards, prompting many sidelined buyers to re-enter the market. Agents report more buyer engagement, requests for disclosures and detailed home information. Some sellers can capitalize on strong offers to transition into larger homes. Expectations point to rising demand and higher prices through year end as inventory is absorbed. Buyers are advised to work with skilled realtors.
Read at San Jose Spotlight
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