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    In The News

    Fed Rate Cut Post-Election: Impact on Homebuyers

    Lower Mortgage Rates Ahead? Understanding the Fed's Quarter-Point Cut The Federal Reserve just hit the brakes again, lowering...

    • Susana Murphy
    • November 8th, 2024
    • 3 min read

    Lower Mortgage Rates Ahead? Understanding the Fed's Quarter-Point Cut

     

     

    The Federal Reserve just hit the brakes again, lowering its benchmark interest rate by another 0.25%. This move comes as inflation cools down, getting closer to the Fed's 2% goal. But what does this mean for you if you're looking to buy a home, refinance, or simply manage your debt? Here's the breakdown:

     

     

    Good News, But Don't Get Too Excited:

    Credit Cards: Yes, those sky-high credit card rates might finally budge a little. We've seen a tiny bit of relief, but don't wait around for another Fed cut to save you. Take charge! Explore balance transfers to snag a 0% introductory APR or call your credit card company and negotiate a lower rate.
    Auto Loans: If you're eyeing a new set of wheels, rates are still high (around 7%), but there's a glimmer of hope. Competition among lenders and potential incentives could nudge those rates down slightly. And keep an ear out for any developments on Trump's proposal to make car loan interest tax deductible – that could be a game-changer, though it needs Congress to sign off.

     

    Mortgage Rates: The Waiting Game Continues

    Sadly, mortgage rates aren't dancing to the Fed's tune just yet. That dream of a sub-6% 30-year fixed-rate mortgage? It's still a bit out of reach. Why? Because mortgage rates are tied to Treasury yields, which are stubbornly high thanks to cautious investors. A dramatic drop isn't likely in the near future.

    “Continued rate cuts could begin to drive down mortgage rates, which have remained stubbornly high,” said Michele Raneri, vice president of U.S. research and consulting at TransUnion. As of the week ending Nov. 1, the average rate for a 30-year, fixed-rate mortgage is 6.81%, according to the Mortgage Bankers Association.

    The dream of homeownership has become increasingly challenging for many, as the sharp climb in mortgage rates since the pandemic has put a serious squeeze on affordability.

     

    Student Loans: A Mixed Bag

    Federal student loan rates? Frozen in time. The Fed's moves don't touch these. But if you have a variable-rate private loan, you might see a tiny decrease. Consider refinancing into a fixed-rate loan for predictable payments, but remember that federal loans come with unique benefits and protections you won't find elsewhere.

     

    The Bottom Line for Homebuyers and Sellers:

    This latest Fed rate cut is a step in the right direction, but it's not a magic bullet for the housing market. Mortgage rates remain elevated, and affordability is still a major hurdle for many.

     

     

    Thinking of buying or selling a home on the South Shore or Cape Cod, MA? It's a big decision, and you need a trusted team by your side. ALANTE Real Estate is a top producing real estate team with experienced agents who provide expert advice and personalized support throughout your entire journey. We're committed to clear communication and ensuring you feel confident every step of the way.

    Whether you're navigating the complexities of buying your dream home or selling your current property, we'll be there to guide you through the process. Contact ALANTE Real Estate today for a smooth and successful real estate experience.

     

    Contact us today

     

     

     

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    About the author

    Susana Murphy

    508-345-5632
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    I'm Susana Murphy, and I founded ALANTE with a clear vision and a passion for redefining what real estate should be. Let me share with you why ALANTE exists, what we stand for, and what we aim to offer both our valued clients and our dedicated agents. ALANTE Real Estate wasn't just a business venture for me—it was a calling born out of a deep-seated belief in doing things differently, and doing them better. Having been in the real estate industry since 2005 myself as a top producing Realtor, I saw firsthand the immense potential for innovation and improvement. I recognized that traditional practices were falling short in meeting the evolving needs of clients and agents alike. My vision for ALANTE was simple yet profound: to elevate the real estate experience by combining cutting-edge technology combined with story driven marketing and timeless values. In an industry often defined by transactions, I wanted to focus on service. I wanted to create a space where clients felt heard, valued, and supported every step of the way, and where agents could thrive in an environment that prioritizes collaboration, growth, support and integrity. At ALANTE, we believe in offering our clients more than just transactions—we offer them transformative experiences. We understand that buying or selling a home is not just a financial decision; it's an emotional journey filled with dreams, aspirations, and life-changing moments. That's why we approach each interaction with empathy, expertise, and a genuine desire to exceed expectations. For our agents, ALANTE is more than just a brokerage—it's a community of like-minded professionals committed to excellence. We provide our agents with the tools, training, and support they need to succeed, all while fostering a culture of mutual respect, collaboration, and continuous learning. We believe that empowered agents create exceptional experiences for our clients, and that belief is at the core of everything we do. In an industry that's constantly evolving, we remain steadfast in our commitment to innovation and adaptability. We embrace technology not as a replacement for human connection, but as a catalyst for enhancing it. From advanced marketing strategies to streamlined processes, we leverage technology to enhance efficiency, transparency, and results. We don't just meet industry standards—we set new ones. We believe in raising the bar and redefining what it means to be a leader in real estate. Our dedication to excellence, integrity, and client satisfaction sets us apart, and it's what drives us to continually push boundaries and exceed expectations. So, whether you're a client looking for a personalized, unparalleled real estate experience or an agent seeking a supportive, forward-thinking brokerage, we invite you to join us on this extraordinary journey. Together, we're not just reimagining real estate—we're elevating it to new heights. Welcome to ALANTE Real Estate, where your vision meets our passion.

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