The Fed rate cut of 50 basis points has actually resulted in a significant rise in Mortgage rates.
Current average 30 year mortgage rate is 6.7 %.
Home Prices are double from Pre Pandemic levels in many areas.
Mortgage interest rates are double from Pre Pandemic levels.
Prices would need to drop by 60 – 70 % in major metro markets to provide pre pandemic monthly payments with interests rates at the current levels. But this does not account for higher costs of property taxes, home insurance, HOA fees and higher home maintenance and repair costs. And people’s budgets are also strained by the higher costs of everything else needed to live.
Only financial fools or financially well off are buying now.
AC