The Federal Reserve announces its next rate decision Wednesday, September 17 at 2:00 p.m. ET. Economists widely expect the first rate cut of 2025, and markets are focused on how deep the cut will be and what guidance the Fed gives for the rest of the year (CBS News).
Why this matters for real estate
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Mortgage rates have already moved lower. In anticipation of the meeting and softer recent data, average 30-year mortgage rates dipped to about 6.35% for the week of Sept. 11 (CBS News).
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Freddie Mac’s Primary Mortgage Market Survey® confirms the drop. In its Sept. 11 update, Freddie Mac reported the largest weekly decline in the past year (-15 bps) and noted that home purchase applications saw their strongest year-over-year growth rate in more than four years (Freddie Mac PMMS).
What could come next
If the Fed signals a pivot toward easier policy, borrowing costs could remain supportive through the fall, often one of Chicago’s most active listing and touring seasons. Lower rates tend to improve affordability for buyers and increase showing activity and offer volume for sellers, particularly on well-priced homes. For a plain-English explainer and timely charts on the Fed’s decision setup, see CBS News’ coverage here. For the latest weekly mortgage averages, check Freddie Mac’s PMMS page.
Quick takeaways for you
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Thinking of buying? Re-run your numbers with today’s rates; your budget may stretch further than it did this summer (Freddie Mac PMMS).
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Considering a sale? A rate-supported fall market can translate to more showings and stronger buyer demand if you price and present strategically (Freddie Mac PMMS).
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Watching rates? Bookmark Freddie Mac’s PMMS for weekly updates on the 30-year and 15-year averages.
We are already seeing mortgage rates ease and expect fall activity to pick up. If you want to get ahead of the curve, whether buying, selling, or planning your fall move, contact Camille at [email protected] or 773.377.9200.
