I have been getting this question a lot lately especially with media interest earlier this year stoking hope that the Feds would drop the rates soon. Powell has been pretty clear that the goal is 2% and while we are getting there, we're still not there, and if I look at my crystal ball, there will be no change for a while. There will almost definitely not be a change in time for the peak home buying/selling season which is just starting. So the next question I get asked is, so, should I wait to buy a home?
My advice is no, don't wait, prices aren't going to drastically drop but continue to grow, and rates aren't dropping anytime soon. I would highly recommend purchasing now and refinancing if/when rates drop.
Check out this article on inflation to get an idea of Powell's plans: https://www.npr.org/2024/04/10/1243833081/inflation-consumer-prices-gas-groceries-rent-insurance-economy
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