The half-percentage-point cut took rates off a 23-year high, where they’d been for more than a year, and the central bank signaled that more cuts could be on the way. But while lower mortgage rates may translate to more buying power for homebuyers, America’s housing market woes aren’t likely to be solved solely by rate cuts.
“Earlier this year that number was around 400,000 jobs, so it has come down as the job market has slowed down.” While Harris and Trump may promise to build more homes, many zoning laws and other regulations can only be adjusted at the state and local level. “There are a lot of factors that have affected the housing supply and these are complicated issues to solve. It can’t be solved overnight,” Nanayakkara-Skillington added.