Will the Feds Raise Rates in December?
Real estate market data for Northern Virginia, Washington, D.C. and Maryland provided by Redux Realty.
Mortgage Rate Predictions for 2015
While the summer real estate market was smoking hot, the housing market has decidedly cooled along with the weather. Home sales surged in August, but dropped 11.5% in September, sinking to a 468,000 annual rate.
This does NOT mean that it is time to rest from the housing market! Sales are still up 2% compared to a year ago, and the median price of new homes sold was up 13.5% over last year. In fact, if you are looking to buy or sell, this is your moment because …
Fed Holds Rates Near Zero, Signals Possible Hike At Its Next Meeting
Federal Reserve officials kept short-term interest rates unchanged near zero at their two day policy meeting in October, but according to the Wall Street Journal, “opened the door more explicitly than they have before to raising rates at a final 2015 meeting in December.”
Our mortgage rate prediction? With turbulent financial markets and uncertain overseas economic developments at a lull, the Fed, who has been wanting to raise rates for some time, may use the chaos of the holidays to raise rates (and hope no one notices).
What does this all mean for the Housing Market in Virginia/Maryland/DC in November 2015? If you are on the fence about when to buy, now is the time!!! With a 9,000 unit increase in inventories nationwide, there are still many beautiful homes for sale, and slower movement in the market means that there are buyer bargains to be had.
Not only that, but in the last week of October, Freddie Mac’s Primary Mortgage Market Survey reported slightly lower national average fixed mortgage rates. So what are you waiting for? To find out how much you pre-qualify for (and at what rate!) get in touch with our preferred lender today for a quick quote.
No matter what the rate, our Redux Realty team is ready to help you get the best deal on buying or selling your home — and the most money in your pocket.
Happy House Hunting!