Utahns looking to buy a home might be in for some good news after Federal Reserve Chair Jerome Powell suggested that interest rates could be decreasing soon.
In Salt Lake City , where home prices are notably higher compared to other areas in the valley, a reduction in interest rates could lead to improved affordability.“In the near future, I would definitely want to own a place,” Leveille said. “I’ve talked to a couple of realtors, haven’t been full board looking for houses but slowly as interest rates drop, I think I’ll get more involved and get someone on board to help me find the perfect place.
The potential for lower interest rates stems from the Federal Reserve’s annual retreat in Jackson Hole, where Powell indicated that rate cuts are expected to begin in September.“We’re already seeing those impacts right now,” Robert Spendlove, Senior Economist for Zions Bank, said. “If you look at longer term interest rates like the 10 year bond or the 30 year mortgages that are a little more variable, they’re starting to come down already.
As Leveille continues to explore his housing options, including considering a condo in downtown Salt Lake City, he plans to closely monitor interest rate changes. “I know in downtown Salt Lake or close to Salt Lake City, it's pretty expensive, so I’m kind of looking for a condo,” Leveille said. “I’ll definitely pay more attention.”
While the exact timing and extent of the interest rate cuts remain uncertain, the Federal Reserve's forecast suggests a gradual reduction starting in September.
Home Buyers Federal Reserve Salt Lake City Utah Jerome Powell Affordability Housing Market
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Take 2 Podcast: Utah Special Session, DNC, Utah primary court battles, federal land fightTake 2 Podcast Wednesday August 21st with host Heidi Hatch, guests Maura Carabello of the Exoro Group and State Auditor John Dougall.
Read more »
Utah sees potential for dangerous lightning, gusty winds, elevated flash flood risksUtah is kicking off the week with the potential for more flash floods.
Read more »
The Utah Checkdown podcast: A wrap on Utah fall camp; a look at expectationsAs Utah wraps up fall camp, the attention now turns to in-season mode, where the Utes prepare to welcome Southern Utah to town in just over a week.
Read more »
Utah majority leaders say amendment needed so Utah doesn't become CaliforniaThe constitutional amendment giving the Utah Legislature the ability to amend ballot initiatives preserves the voice of the people and allows lawmakers to deliberate to make good policy, said Utah Senate President Stuart Adams and House Majority Leader Mike Schultz.
Read more »
Utah Supreme Court dismisses case filed by Congressional candidate Colby JenkinsThe Utah Supreme Court dismissed a case filed by Utah Congressional Candidate Colby Jenkins.
Read more »
TIMELINE: Southern Utah's thunderstorms will replace northern Utah's smoky skiesIn northern Utah, we are dry with smoke-filled skies. Southern Utah, on the other hand, will see thunderstorms popping up
Read more »