The Fed left the interest rates the same when they met on January 31, 2024.
They stated that there are currently no plans to cut rates, as inflation is still above the central bank’s goal of 2%.
They also indicated that as of right now, there are no plans to hike rates.
Fed Chair Jerome Powell also indicated they do not expect to cut rates in March.
For Baltimore mortgages, this should not affect interest rates much, especially with the Fed again making no changes.
As I have shared before, mortgage rates are determined by many factors. The Fed’s continued pause in interest rate hikes could possibly 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 rates, so weeks beforehand, their rates and terms usually already reflect a potential upcoming hike. The same would most likely happen with an anticipated drop in interest rates.
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!