T
he Federal Reserve has made a significant move by cutting interest rates for the first time since 2020. This bold cut is expected to make new mortgages more affordable, potentially boosting the housing market in the coming months.

    According to Mike Fratantoni, Chief Economist at the Mortgage Bankers Association, if mortgage rates remain steady, it could lead to a stronger-than-usual fall housing market and a significant bounce back by spring 2025. The rate cut is also expected to alleviate high rental rates in D.C., which have increased nearly four percent from last year.

    The average apartment rental in the city now exceeds $2,200 per month, roughly $500 more than the national average. As for whether it's best to buy a home now or wait for even lower interest rates, experts say it depends on various factors like the election and economy.

    Mike Opyd with Re/Max Premier advises serious buyers to dive in now rather than waiting. With this rate cut, the housing market is poised for improvement, making it an opportune time to consider purchasing a home.