ALBANY, Ga. (WALB) – After a nine-month pause, interest rates have dropped, meaning lower borrowing costs for buyers.
The Federal Reserve announced a quarter-point interest rate cut.
The move comes after jobs reports showed a slowing economy. Homebuyers are a group that should see immediate benefits. Lower rates could mean smaller monthly payments. But for people looking to buy a home, it may be a little different.
Albany State University (ASU) Professor Aaron Johnson says that people should jump the gun and buy a house.
“We’re in an environment where hiring rates are low and unemployment rates are still relatively low. However, the labor market appears to be a little weaker. Especially if you’re looking for jobs or looking for a promotion then this is probably not the best time.
In Dougherty County, roughly 69% of homes are for rent. Stacey Walker, the Mortgage Banking Officer at Flint Community Bank, believes this is because there just aren’t enough homes to buy.
“Our markets are really strong, so I think inventory is not a lot out there at one given time. But that’s because people like to stay where they’re at. There is not a lot of movement like in metro areas,” she said.
If you’re looking to buy a home, you should first consider all factors. Experts recommend working with a realtor to find the right fit and checking with your bank or lender to ask questions about financing.
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