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Interest Rate Cut
The Federal Reserve have officially cut the interest rates down by .25% (basis points if you want to sound fancy). I don't think this alone will impact mortgage interest rates, as I believe the lower numbers we've been seeing were because what the Feds did was expected. There are two more meetings left this year where these addition cuts can happen, one in October and then December. The forecast is predicting that we will see cuts for each of those dates.
Northern NJ Market Snapshot
As for Northern NJs market, the median sale price of all homes (and percentages) have gone down in each county from last week. Meanwhile, inventory has gone up only in Bergen and Essex county. The days on market is relatively the same for each though.
Read my last article here
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