A statement released by the Federal Reserve read, "…the case for an increase in the federal funds rate has strengthened but [the committee] decided, for the time being, to wait for further evidence of continued progress towards its objectives.” In other words, the current state of the economy is strong, but the Fed is reserving judgment for just a bit longer as it assesses economic rates of progress.
Hints at a December rate hike seemed readable however, as three of the FOMC members expressed dissent from Chair Janet Yelen’s leading decision to keep mortgage interest rates stagnant. The next Federal Reserve committee meeting will take place December 13 and 14, so it will be over two months before we’ll know whether to expect rate hikes as a result.
As for more localized developments, Finance-Commerce.com reports
that permits to construct single-family homes in the Twin Cities region was up by 38% in September. What does this mean for potential homeowners and homebuyers in the Twin Cities and Eden Prairie areas? For starters, this area saw exceptional inventory demand in 2016, and an increase in building permits for much-desirable single-family homes is an encouraging development that could drive housing prices a bit lower, and make a move more feasible for families seeking their dream home.
What’s more: combine that local bit of news with the Fed’s decision to hold off on raising mortgage interest rates for now and you’ve got the perfect recipe for homeownership. Those interested in buying a home in the Eden Prairie or Twin Cities region can do so with financial confidence, knowing that they are mining historically low interest rates. Likewise, a boost in local inventory is sure to diversify your housing options if you’re on the hunt. No matter what your home ownership goals are, now is a special window in which to explore your options and lay down roots of your own this autumn.
At Helgeson Platzke Real Estate Group, we are proud to be a member of Eden Prairie’s esteemed small business community. Since 1995, we’ve offered the very best in Twin Cities real estate, earning our community’s trust as the #1 Sales Team in the Eden Prairie area. With over 4,500 homes sold, our staff has both the knowledge and experience necessary to ensure that your home ownership goals are delivered. So, if you’re considering buying or selling your Eden Prairie area home, now is the time to enlist the help of a real estate professional who can help you make the most of this season’s extraordinary market.