Interest rates dropping in September?

Dated: August 5 2024

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Interest rates are likely to drop soon, primarily influenced by recent economic data and the federal reserve's anticipated actions. Federal Reserve Chair Jerome Powell hinted at possible rate cuts starting in September 2024, due to positive inflation news and a cooling labor market. If the Fed follows through, another rate cut might occur at the end of the year.

Mortgage rates are already showing a slight decline, are expected to gradually decrease as well, aligning with the potential Fed cuts. As of early August 2024, the average 30- year fixed mortgage rate is 6.73% down slightly from previous weeks.

Overall, if the economic indicators remain favorable, we might see a gradual easing of interest rates throughout the remainder of 2024.

Erin Rappa

Associate Broker at Signature Premier Properties

516-849-5473

Free market evaluation is always available.

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Erin Rappa

Erin Rappa is a seasoned Associate Broker From Signature Premier Properties on Long Island NY.  She is dedicated to provide exceptional service to her clients.  With years of experience in t....

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