North Bay Real Estate Market Update – Sep 23, 2024

Here is your Market Update for North Bay Real Estate for September 23, 2024!

Nothing much new on the inventory front, though there was a bit of a drop in new listings and an uptick in price reductions. As far as interest rates goes, all the rage this week was the news that The Fed dropped they key interest rate .5 basis points. The headlines make it seem like this means there was an automatic .5% drop in mortgage rates. This is untrue. As we’ve been talking about here, mortgage rates are not set by The Fed, and banks have been planning on a cut for some time. We are seeing rates on a downward trend, and The Fed did signal more rates to come, so lenders are expecting rates to continue to GRADUALLY come down as well. What should be more immediately affected are shorter term debt rates, like credit cards and auto loans. This should bring some relief and is a sign the government thinks the economy is getting stronger.

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