On Wednesday September 18th 2024, the federal funds rate was cut by 50 basis points. This was the first rate cut since before COVID-19 and might be the first rate cut in a series of cuts over the next year or so. This rate cut affects several consumer products including auto loans, credit cards and…mortgages.
Our Senior Vice President and Chief Operating Officer, Brent Scheer answers:
- What does 50 basis points mean?
- What immediate impact will the rate cut have on the real estate market?
- What does the future hold for maybe 6 more rate cuts in the next year?