Business Rundown: ”We Have Hope Again” In The Housing Market. Will It Last?

2024-09-23

The Fed's interest rate cut delivers some good news to a lagging real estate market.August data from the National Association of Realtors showed U.S. home sales fell to their lowest levels since October 2023. But after the Fed decided to cut rates by half a percentage point, mortgage rates have already begun decreasing—potentially encouraging first-time home buyers with a more affordable mortgage.But the housing market’s affordability problems aren’t new and can’t be blamed exclusively on mortgag...

The Fed's interest rate cut delivers some good news to a lagging real estate market.

August data from the National Association of Realtors showed U.S. home sales fell to their lowest levels since October 2023. But after the Fed decided to cut rates by half a percentage point, mortgage rates have already begun decreasing—potentially encouraging first-time home buyers with a more affordable mortgage.

But the housing market’s affordability problems aren’t new and can’t be blamed exclusively on mortgage rates. FOX Business' co-anchor of The Big Money Show, Taylor Riggs, speaks with FOX Business' real estate contributor Katrina Campins about why this rate cut has delivered modest hope to a stunted housing market and the 2024 candidates' plans to tackle the housing affordability problem.

Photo Credit: AP

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