MARKET UPDATE | SEPTEMBER 2024 | NORTHERN VIRGINIA

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The current real estate market in Northern Virginia is exciting. Mortgage rates are coming down. Today, the Federal Reserve announced they will lower the federal funds rate by half a percent. This will allow rates to go even lower than today's rate of 5.7%. This is great news for anyone thinking of buying a home or refinancing their mortgage.

The Federal Reserve based the decision on the fact that levels of inflation are continuing to go down. The consumer price index (cost of goods and services) is now down to 2.5%, which is so close to the goal of 2%.

Additionally, the latest real estate market data for September 2024, shows that home prices remain stable while it's taking longer for homes to go under contract. Here is the Market Update ...