Update to Interest Rates

On September 20, 2023, the Federal Reserve announced that it would be pausing its interest rate hikes. This was the first time the Fed had paused its rate hikes since March 2022. he Fed's decision to pause interest rate hikes is good news for homebuyers. Lower interest rates make it easier to qualify for a mortgage and purchase a home.

However, it is important to note that the Fed has not ruled out future interest rate hikes. The Fed has said that it will continue to monitor the economy and inflation, and that it will raise interest rates again if necessary.

What does the Fed's decision mean for homebuyers now?

Homebuyers who are ready to purchase a home now should take advantage of the current low interest rates. Mortgage rates are still significantly higher than they were a year ago, but they are still lower than they were in the early 2000s.

If you are considering buying a home, it is important to get pre-approved for a mortgage as soon as possible. This will give you a good idea of how much you can afford to borrow and what your monthly mortgage payment will be.

Let us know if you need a referral to a mortgage loan officer. As a preferred builder with Centennial Bank, they have special perks for financing through them.