As the Fall Market is about to begin, I am reminded of how when there are shifts in the market there are those who see the shifts early and take advantage of them. That time is now.

There is sufficient evidence that rates were raised too far, too fast, and that their full effects are only now truly registering. A rate hike often takes quite a while to show in the data, especially the data the FED looks at which is often months old. Now we are at a phase in the markets where the certainty of a Fed rate reduction is close to 100%. The 10-year treasury, which is a more important indicator of mortgage rates, is notably down already from its highs and this has already filtered into the mortgage market. Those in the know, know this has happened and have been committing to buying homes in the past few weeks.

Some are waiting, thinking the mortgage rates will only come down once the FED has acted are not well informed. Those who are planning for even more FED rate cuts, which is highly likely, may miss out on the most important aspect of buying a home.....choice. Right now there are more choices with elevated inventory in some areas. This inventory is still far off its peaks, so those waiting might be disappointed if they wait too long.