Delaware and Maryland housing market might have become more affordable

The Federal Reserve announced a 0.5% rate cut, the first reduction since 2020. Mortgage rates could drop as a result for prospective sellers, buyers, and refinancers. Marco Smith, from the Maryland and Delaware group of eXp Realty, said this cut will cause a rippling effect in the housing market. “We will see the interest rates follow that pattern because there have been a lot of buyers on the sideline and any movement of rates, in a positive direction is going to bring people off the sideline.”