You may have seen the headlines that the Federal Reserve cut short-term interest rates by 0.25% this week.

Here’s what that really means for buyers and homeowners:

• Mortgage rates didn’t drop on the news, in fact, they ticked up slightly. The markets had already expected the cut, and the Fed signaled they’re staying cautious about inflation.

• The good news? Mortgage rates are still in the best range we’ve seen in three years.

  • Conventional 30-year fixed loans are sitting in the upper 5% to low 6% range

  • FHA/VA loans are in the mid to upper 5% range

• Just last year, buyers were looking at 7–8% rates, so today’s numbers make a big difference in affordability.

Why it matters: Even a small drop in rates can lower monthly payments and boost buying power. If you (or someone you know) put plans on hold earlier this year, it might be worth taking another look. 

If you have any questions, or want to talk more about what this could mean for you, feel free to reach out. We are always here to be a resource.