The Federal Reserve Is Ready To Cut Rates For The Second Time This Year

The Federal Reserve is ready to cut rates for the second time this year during their upcoming November FOMC meeting. Mortgage rates, after last week’s surge, stabilized while remaining above 7%. As a result, mortgage applications trended downward. The October jobs report was a mixed bag, with low job creation and significant data issues; other positive economic indicators meant the market did not react strongly to the weak report.

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As always, I'm happy to answer any questions or comments you have about our local market.

DID YOU KNOW?
The equity markets shot up yesterday: The Dow Jones Industrial Average surged 1,508 points, or 3.57%, to a record close of 43,729.93, up almost 50% since the last election!  The last time the blue-chip Dow jumped more than 1,000 points - or 3.7% - in a single day was in November, 2022 ....the economy continues to grow and fare well for owners/those with equity......but the 10-year treasury also climbed to 4.433%..... we don't like that in real estate land as it makes mortgages more expensive which hurts less wealthy home buyers most. Hopefully today FED Chief Powell continues his path on lowering the FED rate: whether he comments on the Fed's future outlook based on election results is doubtful. The Fed does not directly control mortgage rates, which follow the underlying bond market and move in response to investor expectations about the economy, inflation, and future fiscal/monetary policy. (CNBC)

DID YOU KNOW?
In 2024, the median first-time homebuyer was 38 years old. It used to be in the 20's! (Home Buyers and Sellers Profile Report, NAR 2024)

DID YOU KNOW?
Crypto-influencers? The crypto industry raised more than $245 million from a mix of corporations and individual contributors this election cycle. Expect crypto fortunes - and crypto-rich buyers - to soar! (CNBC)

DID YOU KNOW?
North Dakota’s proposal to eliminate property taxes entirely was the most radical homeowner-related proposal up for a vote: it was voted down by a majority.  The measure would have made North Dakota the first state in the nation without property taxes, raising questions about how key services and infrastructure that benefit homeowners would continue to be funded there. (Reatlor.com)

DID YOU KNOW?
This year is a “super election year,” with more than 60 countries - around half the world’s population - hosting national elections. Promoting a healthy economy is high on the list of expectations of voters globally, but even when the economy is doing well, many people have developed a more polarized and negative perception of the economic environment overall, a disconnect known as a “vibecession.” Since 2022, Principal’s Global Financial Inclusion Index has measured how governments, employers and financial systems promote financial inclusion of consumers in more than 40 markets. This year, the U.S. fell 3 places in the ranking to 7th. Singapore and Hong Kong hold the top two spots. (CNBC)