The Federal Reserve cut its benchmark interest rate on Tuesday. The Feds made the rare move to lower the federal funds rate by a half-point to a range of 1% to 1.25% in between its regularly scheduled meetings. The central bank noted that the move was in response to the “evolving risks” the coronavirus outbreak may present to the economy.
Mortgage rates were already very low even before the recent surprise cut. This is obviously a huge development for those in the market for a new home.
Realtor Sheila Monson says unusually low interest rates will present great opportunities for potential homebuyers in 2020. Monson, who had a better January than any other single agent in the state of Alaska that is listed with the MLS, says the economy is strong and conditions are good for buying a home.
“Favorable interest rates also mean it's a great time to sell your home,” said Monson.
Monson, who is well known for her real-estate classes for both buyers and sellers, says Alaska’s all-time record low unemployment inspires homebuyers to take that leap into becoming a homeowner.
Monson recommends you call her now to set up a private consultation and get the ball rolling on becoming a homeowner or selling your home. Her number is 907-841-0840. Check out her Alaska Living and Real Estate blog at SheilaMonson.com.