Scott Selleck reflects on 30 years in Bergen and Hudson County real estate. After Fed rate cuts pushed mortgage rates down to high 5%, market data and Fed minutes sent them back up to 6.25%. He stresses getting a completed pre-approval before shopping.
It doesn't matter how long someone works in the real estate brokerage field, you can learn something new every day, sometimes multiple times a day. For the past three decades I have worked in Bergen and Hudson County, Northern New Jersey. I'm one of the few northern New Jersey Realtors that can toggle between the Holland Tunnel and the George Washington Bridge, New Jersey Gold coast while also having an expertise in the Bergen county suburbs.
This past week the Fed dropped its short term lending rates which created a.
Lot of buzz in the news. The first thought that came to mind, and I'm sure many others share, is that this would lead to a significant.
Decrease in mortgage interest rates.
Initially, the market appeared to be heading in that direction. I put out an earlier video about it.
What happened next was that the financial markets received additional data points that influenced the interest rate. The financial markets also didn't react well to the latest Fed minutes, sending signals to the market that they were not keen on making further major moves. The result of all this was that the rates actually increased instead of decreased at the end of the week. We started in the high 5% and are now back to 6.25% plus or minus. We are all hungry for a catalyst that will bring the rates down into at least the mid 5% range so the stuck or locked in group may consider making a move or first time buyers who can afford to buy a home can get a break. I bring this up today because two mortgage professionals I respect said my initial read on the market wasn't the whole picture. I'm grateful for their feedback and respect the hard work they put into making these loans work. This is a good example of why it's essential to have your pre approval.
Completed and ready to go so when.
A window of opportunity opens and the rate drops you can contact your lender and secure the best possible deal at that time. Literally that moment on certain days. Contact Me Scott Selleck, the Selleck Group KW City Views Realty, your trusted real.
Estate advisor for a consultation at 201-970-3960.
Or email me at slsel.
Com.
Happy House Hunting.
Fort Lee, Cliffside Park & Edgewater Realtor | Scott Selleck, KW City Views Realty
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