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Should you wait for the September Fed meeting to buy a home?
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The wait for lower mortgage interest rates will soon be over. The Federal Reserve is set to meet again on September 17 and September 18 and, after their meeting, a reduction to the federal funds rate is widely expected to be issued. Currently at a range between 5.25% and 5.50%, a 25 basis point reduction or even half a percentage point reduction could soon occur.
The Fed’s expected action, combined with a consistently cooling inflation rate, are positive developments for homebuyers stuck on the sidelines in recent years. Right now, buyers could purchase a home with a rate more than double what it was in 2020, for example. Or they could elect to wait for a more ideal time to buy. But is that preferred time right now or is it worth waiting for the September Fed meeting to take place before buying a home? That’s what we’ll break down below.
See how low of a mortgage interest rate you could secure here now.
Should you wait for the September Fed meeting to buy a home?
While every homebuyer’s financial situation is different, there’s a strong argument to be made for buying a home right away versus waiting for the Fed to issue a rate cut later this month. Here’s why:
Mortgage interest rates are already falling
Lenders don’t need to wait for a formal federal funds rate reduction to begin offering lower mortgage interest rates to borrowers. And some haven’t; instead, they’ve priced in this inevitability and mortgage interest rates are already falling. Depending on the lender, you may be able to get a mortgage rate more than a full percentage point lower than what was being offered at the end of 2023, for example. So don’t think you need to wait for the Federal Reserve to take action. You may already be able to get a lower rate than you anticipated right now.
Start shopping for rates and lenders online today.
A cut may not be directly replicated by lenders
If you’re waiting for a formal rate reduction to be replicated identically by lenders, you may be waiting a long time. That’s because the federal funds rate only guides what lenders offer — it doesn’t directly dictate it. This is why lenders have already started cutting their offers, but it’s also why borrowers may not see anything dramatically lower once a cut is issued on September 18, particularly if it’s just by 25 basis points. Waiting around may not be worth it if this is your primary motivation for doing so.
Increased competition could make homebuying more difficult
Millions of prospective homebuyers are all waiting for the same thing: lower mortgage interest rates. So waiting could be problematic if means dealing with increased competition. When more buyers enter the market, the potential for bidding wars increases. And that could easily eliminate any savings obtained by waiting for a lower rate. Weigh the pros and cons carefully, then, to determine if it’s better to act now instead.
High home prices could rise even further
The average home price is already high, currently sitting at around $427,000 right now. But if rates are cut and more buyers flood the market, prices could change. Increased competition for limited resources may propel many sellers to raise the price of their homes. This could easily negate any savings secured by waiting for a lower mortgage interest rate. And, depending on the price increase, may take certain buyers out of the running for a home they may have been able to afford in previous months.
Start the homebuying process by exploring rates and lenders here.
The bottom line
Waiting to buy a home versus acting now is a personal decision for buyers complicated by multiple evolving factors. But there’s a compelling argument for acting now instead of waiting for the September Federal Reserve meeting. With mortgage rates already falling, the potential for dramatic decreases post-meeting slim, and the added issues of increased competition and elevated home prices, many buyers may find now a better time to proceed. It’s critical, however, to carefully calculate your savings now versus what can be realistically obtained in a few weeks to better determine your best path forward.
When Huntington Beach, Calif., detectives searched Rodney Alcala‘s Seattle storage locker during the murder investigation of 12-year-old Robin Samsoe in 1979, they discovered a cache of photos, many of them young women in suggestive, and even pornographic poses.
In March 2010, after a third jury in 30 years handed Alcala a death sentence, Huntington Beach police released more than 100 of those photos hoping to identify the women and some children, and learn if Alcala claimed still more victims.
Most of those who have been identified are alive and well.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
Unidentified women in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
Unidentified women in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified child in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified child in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
Unidentified women in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified child in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
Huntington Beach Police Dept.
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
Unidentified people in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified person in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified child in image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
An unidentified woman in an image from Rodney Alcala’s photo cache.
Serial Killer’s Secret Photos
Unidentified women in an image from Rodney Alcala’s photo cache.
San Francisco Mayor London Breed conceded the mayoral race to Daniel Lurie Thursday afternoon with a social media post that congratulated her competitor.
The mayor also thanked the city and its residents for “the opportunity to serve the City that raised me” in the post on X just after 4:30 p.m. Thursday.
There had been rumblings that Breed might concede the race earlier Thursday having come in behind Lurie in the last vote count released Wednesday morning.
“Today, I called Daniel Lurie and congratulated him on his victory in this election,” the post read. “Over the coming weeks, my staff and I will work to ensure a smooth transition as he takes on the honor of serving as Mayor of San Francisco. I know we are both committed to improving this City we love.”
Breed spoke at a press conference less than an hour after the social media post to answer questions from reporters about her decision, reiterating some of what she said in her social media post.
“The city is on the rise. The office is bigger than just one person, and I called Daniel Lurie earlier today to congratulate him,” the mayor said. “And made it very clear my team and I stand ready to support him during his transition. We will always do everything we can to ensure the success of the city and that there is a smooth transition, so that the important work that has been done and needs to continue in San Francisco moves forward.”
When asked if this was the hardest speech she’d ever given, Breed quickly dismissed that idea.
“No, it’s not. There’s been other harder speeches. I mean I had to make a hard decision to close the city down during a global pandemic. I had to deal with…the racial reckoning that happened after the tragic death of George Floyd. I had to go out in the middle of the night and tell people that Mayor Ed Lee had passed away. There are numerous occasions.”
Six years ago, incumbent London Breed became the first Black woman to serve as mayor of San Francisco after the death of Mayor Ed Lee in late 2017. The then president of the San Francisco Board of Supervisors was automatically appointed as the city’s acting mayor early the morning after Lee’s death.
In June of 2018, Breed won the special election that was held to fill the office, defeating her main opponent, former state senator Mark Leno.
Breed faced a number of major challenges during her first term in office, including the COVID-19 pandemic, the city’s ongoing issues with drug abuse and homelessness, rising housing costs and a spike in retail crime that some chains cited as the reason behind closing stores in San Francisco.
While Breed has touted progress in reducing the number of homeless encampments and pushed programs to fill vacant business spaces downtown, the mayor’s struggles have led to 11 other candidates entering the race to challenge her for the job.
“Over the coming weeks, I plan to reflect on all the progress we’ve made. But today, I am proud that we have truly accomplished so much and my heart is filled with gratitude,” Breed’s message said in closing. “During my final two months as your Mayor, I will continue to lead this City as I have from Day One – as San Francisco’s biggest champion.”
Daniel Lurie has announced that he will speak to the media about the latest developments Friday morning.
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