Federal Reserve Signals Possible 2024 Rate Cuts, Impacting Mortgages and Denver Home Market

The Federal Reserve announced it will likely cut interest rates 3 times in 2024, which could impact mortgage rates and home affordability.

Home listings and sales have already been increasing in early 2024 in the Denver metro area. Prices have also gone up in January and February.

Current mortgage interest rates are between 6-7%, higher than recent years. Rate cuts would likely boost home buying demand.

Predictability from the Fed regarding interest rate cuts gives stability to the housing market. Timing of cuts could significantly influence home prices and competition.

Realtors have already been helping buyers find creative solutions to purchase homes at higher rates. Further rate drops could spur a late surge in 2024 home sales.