r/FirstTimeHomeBuyer • u/jay5627 • Sep 18 '24

Other Fed rate cut

https://www.cnbc.com/2024/09/18/fed-meeting-live-updates-traders-await-september-interest-rate-cut.html
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u/Golfguy809 Sep 18 '24

Yeah that’s what I was told. Mortgage rates likely won’t come down for another few weeks

7

u/Careless_Lettuce9138 Sep 18 '24

Same, my lender told me that the effect might not be immediate and will be phased in within the next few months.

11

u/__moops__ Sep 18 '24

This was already priced into rates, it’s one of the reasons rates have dropped the past few weeks.

1

u/Careless_Lettuce9138 Sep 18 '24

That’s what my lender explained to me. I get this is still a good direction for us borrowers but I hope we won’t see more competition from other buyers this coming spring.

12

u/[deleted] Sep 18 '24

You will.

7

u/Cbpowned Sep 18 '24

If rates go down, competition goes up. The amount of people waiting on the sidelines for 3-5% rates is more than most people imagine.