September Fed Meeting Highlights

 

The Federal Reserve's September meeting which concluded Wednesday, provided investors with crucial insight into where the Fed sees rates and the economy headed. Here are the key takeaways:

  • The Economy Remains Resilient - Members sharply revised up their economic growth expectations, with gross domestic product now expected to increase 2.1% this year. That was more than double the June estimate and indicative that members do not anticipate a recession anytime soon. The 2024 GDP outlook moved up to 1.5%, from 1.1%.

  • Rates Likely Higher For Longer - The Federal Reserve held interest rates steady at this meeting, but signaled one more hike before the end of the year is likely with fewer cuts than previously indicated next year. 

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An Update on Housing

 
 

What homebuyers need to know: It’s more expensive than ever to buy a home. The median monthly mortgage payment hit an all-time high of $2,632 during the four weeks ending September 10. Although the weekly average mortgage rate has declined slightly from August’s two-decade high, it’s still sitting above 7%. Prices are up, too, increasing 4% year over year. 

What home sellers need to know: Prices continue to rise because inventory is so low, posting one of its biggest declines in 19 months this week. But keep in mind that high prices, elevated rates and the lack of inventory is sending some buyers to the sidelines; mortgage-purchase applications are hovering near a three-decade low and pending home sales are down 12% year over year. 

 

Links to What Else We're Reading

 

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