The much anticipated Fed rate cut didn’t have a huge impact on mortgage rates. The 30 yr, fixed mortgage rate did see a tiny decrease to 6.26%. That’s the lowest rate this year. Mortgage rates aren’t really tied to the Fed rate that was cut. That’s what banks pay/charge each other. Mortgage rates are more closely tied to the Bond Market and general economic conditions. That said, the rate did drop a bit. Mortgage applications soared since Labor Day & my mortgage broker friends tell me there’s a variety of new products on the market to better fit a buyer’s situation coming out. Many buyers have been waiting for a dip in the market to jump in ASAP, planning on refinancing when the rates drop further. Barring some wild event, indications are that mortgage rates should continue a slow slide. That said, no one can really predict where the rate is actually going with certainty. Anyone who tells you different is lying or trying to sell you something.
Here’s a NAR article discussing the Fed Rate cut and mortgage rates in more detail:
In more good news for buyers, inventory is rising as more homes, holding out for the max price possible, hit the market. More & more indications of a coming shift in the Real Estate Marketplace, from the lofty position sellers lorded over buyers in the past years to a buyer-centric market that will force sellers to compete against each other to attract buyers, seems to be beginning to unfold. In this new market that seems to be forming, sellers will have to be prepared for more negotiation over buyer agent commissions, sale prices, home improvements, enforced home inspections(see last week’s post) & much more. Staging listings, interior & exterior, will be more important than they’ve been in years.
In this time of flux, a Realtor is a necessity to navigate the current market & the heavy regulations guiding it. Both buyer’s & seller’s Realtors have strategies for meeting the complex demands today’s evolving marketplace places on those with a stake. Interviewing a bunch of Realtors to make an informed decision from a pool of choices is a great first step. Make sure you’re represented by a pro you like & can work with most easily, you know, like me, and any of the team at Brook Realty. Ruth, our broker, gathered a world of experience in over 30 years in the marketplace. Mario has managed a number of successful businesses in his long career & has been absolutely crushing Real Estate for years, add to that, he’s a licensed builder too. There’s others too. That’s just in our office. I’ve been around the block a few times in the 15 years I’ve been a Realtor, specializing in Sellers, buyers and Landlords. Each of us has a valuable perspective that you might appreciate. Talk to any or all of us, the consult is free, no obligation. As a little push for myself….I’ll bring coffee. 
Most importantly, Have Fun!!!
Lew McConkey, Realtor/Notary
Brook Realty, Serving Whitman Hanson & Surrounding Towns
(781)252-9789
If you have questions about your place in the current Real Estate market, as a buyer, seller or Landlord,
Please feel free to call text or email for your free, no obligation consultation.
