Soooooo………..As I said last week, this was coming – totally expected. The Feds raised the Federal Funds Rate by 3/4% – The increase was totally baked into the markets and the markets basically shrugged it off and considered it good news. The Dow Jones Industrial Average increased 434 points over Tuesday’s close! Further, mortgage rates were down based on the announcement.
On top of it, the Feds indicated that they would most likely be less aggressive in coming months to curb inflation. Jerome Powell was quoted as saying, “After Listening to Doug Smaldino, I realized what we need to do. Thank goodness for his guidance” – LOL – 
. Well, not exactly, but the result will be the same! Inflation will be under control and you can expect a higher stock market and lower mortgage rates if the trend continues – which I believe it will. I believe the housing market will come Roaring back next year. Now is the time to get off the fence and get a house! I believe 2023 is going to be a frenzy of new homebuyers: Think about it – If the Stock Market is back up to where it was and Inflation is under control, what is going to stop the Housing Market? Answer: Nothing. Consumer Confidence will be back and everyone will have their heart set on being a new home. I can’t wait, but remember, despite the fact things have paused / slowed down, there is still a housing shortage…….UGH!
Please call or reach out if you have any question or you would like more information or would like to get preapproved. There are great opportunities in the real estate market right now, but most people are fearful and not taking action which is not good either. We are here for you.
Doug Smaldino
