Maryland Real Estate Agent Blog

Fed Interest Rate Update March 6 2024

Published: March 6, 2024

The Federal Reserve Chair wrote in prepared remarks for a mandated regular appearance at congress that he doesn’t anticipate rate drops quite yet.

Inflation is still above the central bank’s goal of 2%, which is why the Federal Reserve Committee is not planning to drop rates at this time.

The Fed Chair did say that he expects interest rates to start coming down at some point this year.

In January, Fed Chair Jerome Powell indicated they did not expect to cut rates in March.

For Baltimore mortgages, this should not affect interest rates much, as what is in the Fed Chair’s speech echoes what he stated after the Federal Reserve Committee’s January meeting.

As a reminder, mortgage rates are determined by many factors. The Fed’s discussion on interest rate hikes can sometimes be one of them, but it is usually a small part. One lender I work with has stated multiple times that mortgage companies generally anticipate when the Fed will raise or drop rates, so weeks beforehand, their rates and terms usually already reflect a potential upcoming hike or drop..

If you are thinking about buying a home in Timonium, Towson, or the Baltimore metro area, please contact me. I can connect you with a local trusted mortgage professional who along with me, can help to guide you through your mortgage options as your buy your new Baltimore home!

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