Fed Cuts Rates, Mortgage Applications Jump 30% Overnight
Summary
This BiggerPockets article discusses the recent drop in mortgage rates and its potential impact on the real estate market, including an expected increase in applications for refinancing. Hosts should consider the spring season and changing market conditions to maximize their revenue potential in a market where timing is everything.
Key Insights
- •Mortgage applications surged 30% week over week due to a drop in the 30-year fixed rate mortgage rate to 6.39%.
- •The article references that the Fed is signaling two more rate drops, however this may not affect mortgage rates and the housing market.
Action Items
- ✓Consider the spring season as a time to get properties listed and ready, especially if you want to take advantage of the market.Effort: mediumImpact: medium
Common Mistakes
- ⚠Waiting for home prices or mortgage rates to go lower can backfire, as market conditions can change quickly.
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