The Federal Reserve indicated it is ready to cut rates for the first time in more than four years in the upcoming September FOMC meeting (or sooner), especially since the last jobs report suggested that the labor market is cooling faster than expected, and the stock market has been reacting negatively to the news. The economy will likely slow down further in coming months, but a recession is not warranted according to the California Association of Realtors prognosticators. Time will tell. Mortgage rates, nevertheless, took a deep dive late last week and early this week as traders moved money to safe havens like bonds, sending Treasury yields tumbling down to the lowest levels since February. Should the downward momentum in rates continue, lower costs of borrowing could help push home sales back up in the third and the fourth quarters which would be a great relief.
Affordable and Walkable = Desirable