Real estate agents have mixed feelings about Fed rate cut
Real estate agents have white-knuckled their way through more than two years of suffocatingly high mortgage rates that have stymied sales, choked off inventory and pushed home prices to new all-time highs.
So what was the reaction from agents when the Federal Reserve surprised everyone by cutting rates by 50 basis points rather than the 25 that was taken as a given?
Meh.
In conversations with HousingWire, agents from across the country said they don’t think the larger-than-expected rate cut will have much more of an impact on the housing market than if they’d gotten the one they did expect.
They believe lower mortgage rates have already been priced into the market and that movement from buyers will be relegated to people on the margins who need to move, rather than want to.
And while sales will likely rise, there’s a scenario where an influx of buyers will drive prices up and offset the financial benefit of lower mortgage rates.
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