BISMARCK, N.D. - The federal reserve rate cuts could make it easier for you to buy a home in the Bismarck-Mandan area. But we're not talking a starter home. Mortgage officers say there's a good inventory of homes $400,000+ and the cuts could be enough to make it affordable to more people.
Joe Sheehan with Benchmark Mortgage says he doesn't expect a major run on those houses, but more people could be eligible to buy. Home construction could increase as well, because the lower interest rates don't look like a short term deal.
“I think that a lot of people who didn't think they could afford those houses, may be able to look at some of the price reductions that've happened on those listings, combined with these low interest rates to all of a sudden step into a house they maybe didn't think they could afford in the past,” said Sheehan.
Sheehan says there's a strong possibility the Federal Reserve will cut rates again.