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Interest rate cuts are on the horizon as inflation has dropped significantly since June 2022. According to CBS News, the Federal Reserve is expected to lower the federal funds rate—currently between 5.25% and 5.50%—during its upcoming meetings in September, and possibly again in November and December. This is promising news for homebuyers and those looking to refinance as mortgage rates are likely to decrease in response. However, with so much up in the air, buyers can do their best to prepare by asking themselves important questions, such as: what the extent of rate cuts will be, whether it's worth waiting for further decreases, and how low rates might go.
Homebuyers should be happy that mortgage interest rates are falling again but they should also be smart and strategic in their approach to an evolving market. This extends to having the answers – or, at a minimum, contemplating the answers – to the above questions. By thinking of these intangibles now, buyers will be better prepared to act when an opportunity arises later this year or in 2025.
