Federal Reserve Chair Jerome Powell’s recent announcement that an interest-rate cut in September is “on the table” has mortgage, investment, and real estate professionals optimistic for a gradual recovery of the stagnant residential market.
At his press conference, Powell stated that the “time is drawing near” for the central bank to reassess rates if inflation continues to cool down. Currently, the federal fund rates are in a holding pattern within a range of 5.25–5.5 percent—the highest level in 23 years. According to Bankrate, the current mortgage rates last week were around 6.8 percent.
