ROCHESTER, N.Y. – The Federal Reserve is expected to make a decision on Wednesday that could impact the price you pay for cars, homes, and other major purchases.
The 12 governors who make up the Fed will decide whether to lower interest rates. The decision is a key indicator of how the U.S. economy is doing. Recent data shows job growth has slowed and inflation remains stubbornly high.
Mortgage rates have dropped ahead of the decision to the lowest level in three years at around 6.13%. News10NBC spoke with Monroe County realtor Kayla Moody, who says the housing market is still competitive, but it’s not nearly as busy as it was in 2022.
“For it to be beneficial for them to move into, to refinance, move into a different rate, there would have to be a difference of about 1%,” said Moody of Keller Williams Realty. “So if rates do come down to 6%, there’s people that earlier this year, or even late 2024, they locked in at 7% or 7.25%. So if they come down to 6%, it might make them make a move one way or the other.”
News10NBC checked real estate sites on Wednesday and there are over 900 listings in Monroe County alone. While many people are in the market for a new home, some are watching mortgage rates, hoping to refinance.
Moody isn’t sold on the idea of everyone rushing to refinance or sell their home since rates are not at a flat 6% quite yet.
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