The Federal Reserve aggressively cut its benchmark interest rate on Wednesday, and mortgage rates have since continued their year-long slide. Does this mean the housing market has thawed? Northeastern University economists say to focus on the long game.
“I don’t hang my excitement on these announcements so much because I think (the impact) is going to be very gradual,” says Roger Sparks, a professor of economics at Northeastern University Oakland who studies mortgage rates. “I’m more excited about what it’s going to look like a year from now.”
