The Federal Reserve announced it will hold interest rates steady, but suggested three rate cuts could come sometime this year.DENVER — As the weather starts to warm up, Coloradans may start to see another tell-tale sign of spring: 'For sale' signs in the front yards of homes.
Among the many trends tracked by the Denver Metro Association of Realtors , interest rates have been a constant source of intrigue in recent years. Abrams said mortgage interest rates are currently sitting between 6-7%.“The Fed rate certainly does have an impact on the 30-year mortgage, it's not a direct correlation but it definitely has an impact,” Abrams said.“The question is still 'when.
“So, because of that step, the market has really loved that news that interest rates will definitely come down 2 or 3 times in 2024," Kulkarni said."And a reduction in interest rates means a nice opportunity to borrow more and do more things with the money.”“I think the predictability of the future gives the stability to the market and to the economy as a whole,” he said.