This week’s market update brings encouraging news: the economy picked up speed last quarter, and mortgage rates have started to ease. Here’s what that could mean for you.
Economic Shifts: Growth Picks Up, Housing Cools
The economy grew at a 3.4% pace from July through September, up from 2.2% earlier in the year. Housing is the one spot that’s cooled, with fewer new homes being built. That keeps the number of homes for sale tight, which can help support home values if you already own.
Federal Reserve: Holding Steady
This week, the Federal Reserve, the group that sets the country’s key interest rate, left that rate unchanged, as most people expected. Markets see a chance of a small increase at the next meeting in December, but nothing’s set in stone. The bigger takeaway: The Fed is moving carefully. That’s why planning around today’s rates, instead of trying to guess what’s next, often makes sense.
Mortgage Rates: Moving in the Right Direction
Mortgage rates hit their high for this cycle in early October and have eased since, now sitting in the low 7% range. Rates tend to follow the 10-year Treasury yield, which has dropped from a 24-year high of 5.31% to about 4.95%. Rates are still higher than they were last spring, but the recent trend is encouraging. Since rates can change daily, your loan officer is the best person to help you see where you stand.
Buyer and Seller Impact: Opportunity on Both Sides
Buying? With rates easing since October, a monthly payment may feel more comfortable than it did just a few weeks ago. Getting preapproved now means you’re ready to move when you find the right home. Selling? There are still fewer homes on the market than usual, which can help yours stand out. Either way, a clear plan makes the next step easier.
Agent Impact: Your Guide Through the Market
Headlines change every day. What matters to your family doesn’t: your budget, your timeline and the right home. A trusted real estate agent can help you tune out the noise and focus on those things. Together with a Mutual of Omaha Mortgage loan officer, you can get a clear picture of your options. Whether you’re buying, selling or just curious, reach out to your agent to start the conversation.
