The Buzz is a regular summary of housing market news and data driving our decision-making at BlueBid.
Here's the Buzz for the week of September 19, 2024…
The Federal Reserve just cut interest rates by 50 basis points. CNBC breaks down what it means for mortgage rates and your wallet.
NPR drills deeper into exactly how the Fed's big cut might impact the housing market.
The Federal Reserve does not set mortgage rates, but its policy influences them. National Mortgage Professional shares that applications surged 14.2% annually in advance of the Fed's announcement, and 51.2% of total application activity was attributed to refinancing.
According to Yahoo Finance, US housing starts (i.e. new construction) increased to the fastest annualized rate since April.
Despite an abundance of good news for the American consumer, Redfin observes existing and pending home sales at the lowest level since 2020. It certainly takes time for the effects of loosening policy to reverberate through the housing market. In anticipation of improved conditions, thousands of Americans have already begun the process of selling on BlueBid - without the pressure of published days on market.
Have a great week.
Disclaimer: Views expressed here are my own and not the views of my coworkers or anyone else. I am not a financial advisor, investment advisor, or housing expert. I’m just a guy who cares deeply about saving the American Dream of homeownership.