The Fed provided a 1/4 point interest rate cut on November 7, 2024.
This is welcome second drop after a 1/2 point drop in the September 2024 Federal Reserve meeting, which happened after a continued pause that we saw in March 2024, May 2024 and June 2024 Federal Reserve meetings. Prior to those pauses, we had seen rates rise for a long time.
Most economists expected this 25 basis point drop, and had been predicting it for weeks.
I have mentioned before how mortgage interest rates are determined by many factors. The Fed’s decisions on interest rate hikes or cuts can be one of the factors, but it is generally a small portion. Multiple lenders I work with have said that mortgage companies generally anticipate when the Fed will raise or drop rates, so mortgage rates and terms usually already reflect any potential upcoming pause, hike or cut beforehand. To this end, most likely there will not be much of a change in Baltimore mortgage rates, though I hope they come down a little as they have been inching up higher in the past few weeks.
If you are considering buying a home in Timonium, Towson, or the Greater Baltimore area, please contact me. I would be happy to connect you with a local trusted mortgage professional who can help to guide you through your mortgage options as your buy your new Towson home with me!
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