Sonoma County Appraiser Snapshot

The Fed cut the prime lending rate by .25 basis points yesterday (11/07/2024). However, mortgage rates are barely moving downward. It turns out mortgage rates don't always follow the prime rate. As ever, "it's complicated." Here is a bit of insight from Mortgage News Daily. 

https://www.mortgagenewsdaily.com/markets/mortgage-rates-11072024

The fact remains that locally in Sonoma county and more broadly in the Bay Area, inventories remain low and entry level pricing remains high. Stay tuned for more follow up as things develop.