Relief for homeowners after interest rates cut by Federal Reserve? Expert weighs in
This week, the Federal Reserve cut interest rates for the first time in more than four years, offering some relief for new, potential and existing homeowners.
David Hochberg, vice president of mortgage lending at Team Hochberg at Homeside Financial and host of “Home Sweet Home Chicago” on WGN Radio on Saturday mornings, joined WGN’s Evening News at 4 p.m. on Friday to discuss whether the dip in interest rates makes now an excellent time to refinance and purchase a home or if buyers should wait longer for rates to lower.
“You take the win,” Hochberg said, adding that mortgage rates have decreased over the past several weeks. “I always would say, as rates were going up, we got a better chance of hitting (6%) than we do (4%) again. We got a better chance hitting (7%) than we do (5%) again. I truly believe, after all the indicators and the experts I follow…that we have a great chance of getting back into the (5%) again within the next 6-9 months, so take the win today.
“As the rates come down and the market stabilizes and get back to normal…you’ll see adjustable rate mortgages.”
Watch the full interview in the video player above.
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