Sonoma County Appraiser Snapshot

Here is a recent article from Law & Liberty regarding the potential of the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac potentially being released from conservancy by the government. 

https://lawliberty.org/not-another-free-lunch/

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.

The rapid rise in interest rates from Spring 2022 through 2023 have put a serious pinch on real estate transactions and have nearly zeroed out refinancing. After The Fed left rates unchanged earlier this week, the prognosticators are still anticipating lower rates in the spring. Read this article from NBC News for additional information. 

https://www.nbcnews.com/business/economy/mortgage-rates-when-will-they-fall-how-much-2024-fannie-mae-rcna134506

Please contact us if you have the need for appraisal services. Thanks!