Next week the Federal Reserve Bank is expected to make a highly anticipated cut to interest rates.
This would bring down mortgage rates and make home buying cheaper.
High rates have frozen the market to a large degree because of affordability issues and low inventory levels.
Many homeowners have incredibly low mortgages in the neighborhood of 3% which has kept them from moving up.
David Jordan is one of them.
“We were locked in so low in Watertown, buying in 2021. I was pretty hesitant at first to really give that up, but at the same time, just the realities of life come in.”
Now his growing family will be moving to a larger house in Newton.
“We have two young daughters. The first one was born when we first moved into Watertown. It’s just a three-bedroom condo.”
He originally wanted to wait until rates went down, but felt this property was ideal.
Rates will still be on Jordan’s mind as he hopes he’ll be able to refinance in the coming months.
Mortgage rates soared has high as 8% last year which had a chilling affect on the real estate market.