Sept. 18 (Bloomberg) -- The Federal Reserve lowered its benchmark interest rate by a half point to 4.75 percent. This is some of the news we have been waiting for. Hopefully today's movemnet by the Fed will stimulate real estate activity.
What does this mean to us here in Owatonna, MN? We aren't sure yet at this point exactly what the reaction will be from the real estate market and from the mortgage lenders. Experts are mixed as to what effect this cut will have on the real estate market and whether or not we have reached the bottom of this housing slump.
We believe that any rate cut at this time is good and the Fed held the door open that more cuts may be coming in the future.
The stock market certainly liked what it saw this afternoon as Sept. 18 (Bloomberg) -- U.S. stocks rallied after the Federal Reserve cut.
Home buyers, if you have been sitting on the fence watching the market for the last several months now may be a good time to start getting serious about house hunting and talking to a lender. Most of the good lenders offer rate lock protection and one-time float downs if you lock in to a rate and the mortgage rates drop before you close on your new home. Check out the offerings from your local lenders or from Brenda Bednar at Advisor's Mortgage, LLC.
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