Its no secret that rates rose in October, even after the Federal Reserve’s rate cut in July AND September. All is not lost though, rates are still a considerably lower than they were last year, which suggests we may see this wave of cheaper money ride out the remainder of 2019. It’s difficult to say with the political turmoil between the POTUS and China, this trade deal has been spurring uncertainty, and uncertainty brings changes in the market. Here is what to expect in November 2019:
Rates are predicted to stay low
If November is anything like October, we are going to see some drastic changes. Over the last week rates have been rising, but that could change as the we approach the next Federal Reserve meeting. It appears that just 70% of the Committee is in favor of another rate cut. This is a divided house.
November will provide results
Predictions say that November will show us the effects of Septembers rate cut. on 9/18/2019 the Federal Reserve decided to cut rates another .25%, the second rate cut in 2019. Assuming the reserve stays undecided for their next meeting, November will see a decline in rates.
A surge in home buying
Oddly a rise in rates spurs more activity in the market than a drop in rates. Because of October’s rising rate market we saw dormant buyers come out of the woodwork and actively buy homes. We are expecting to see a small dip in home purchases in the upcoming weeks, which is why rates are predicted to drop again.
What this means to you
This fluctuation in rates means refinances will become popular again. If home sellers confidence remains high we will also see a new flush of inventory hit the market and increase the purchase business as well. Low rates mean considerable savings on refinance and purchases. So if you’re sitting on the fence, November is going to be your month to make a move.
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