The Fed kept interest rates the same in their meeting March 20, 2024.
This is a continued pause, and even with the pause, the Federal Reserve Chair still expects to see three rate cuts in 2024. Just not yet.
Inflation is still above the central bank’s goal of 2%, which is why the Federal Reserve Committee is not dropping rates at this time.
For Baltimore mortgages, this should not affect interest rates much, as the continued pause is what the Fed Chair stated would happen earlier March when he testified before Congress.
Keep in mind, mortgage rates are determined by many factors. The Fed’s discussion on interest rate hikes or cuts can sometimes be one of them, but it is generally a small part. One lender I work with has stated multiple times that mortgage companies generally anticipate when the Fed will raise or drop rates, so weeks beforehand, their rates and terms usually already reflect a potential upcoming hike or cut.
If you are thinking about buying a home in Timonium, Towson, or the Baltimore metro area, please contact me. I can connect you with a local trusted mortgage professional who, along with me, can help to guide you through your mortgage options as your buy your new Baltimore home!
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