During its September meeting, the Federal Open Market Committee (FOMC) voted to keep interest rates between 0% - 0.25%, and all indications point to those rates staying there until at least 2023. These low rates are a reaction to the financial hit that the US economy has taken due to the Coronavirus Pandemic, and they are aimed at moving us back to a more prosperous economic environment.
As a realtor, when I hear anything about interest rates, my first thought is always about mortgages: how will this low Federal interest rate affect them? As you’d suspect, I have good news on that front – mortgage rates are staying low! Right now, 30 year fixed-rate mortgage rates are hovering under 3%, and this historically-low rate has proven to be a boon to the housing industry! With loans being so inexpensive, we have excited buyers ready to pounce on available inventory, particularly single family homes. I am always happy to sell homes, but the ramifications go beyond that, according to Forbes.com. “’The importance here is that the housing construction and sales markets are self-driving in that they spur additional new construction, labor build-up and new service-add ons,’ [says] Tom Stringfellow, president & chief investment officer at Frost Investment Advisors. ‘These include furniture sales, service industry growth, auto sales and a growing local tax base.’”
FOMC’s willingness to keep Federal interest rates low will keep real estate moving and will, I hope, bring our economy as a whole surging back to life, even amid a pandemic.
If you are looking to buy or sell a home anywhere in Miami, please call me at 305-798-8685, or visit my website at: Luxury Miami Real Estate
My focused dedication as a realtor in my home town of Miami for over 25 years, consistently puts me at the top of my field. Whether you’re looking to buy or sell your home, let me help you from start to finish with my results-proven: professional marketing, excellent property exposure and comprehensive experience.
Consistently in the top 10 company-wide at BHHS EWM Realty for the past 15 years, my focus is on Coral Gables, Coconut Grove, Pinecrest and South Miami — specializing in luxury real estate and waterfront properties. Call me today and let’s get started!