At the Dana Green Team, our industry relationships are key to our success. As many of you know, we've partnered with Hunter Marckwardt, Vice President of CrossCountry Mortgage, for over 12 years, successfully closing hundreds of transactions together. 

Recently, our conversations have centered around Interest Rates and Buyer Agent Compensation. While challenging topics, we need the best insights to advise our clients. 

Here's the latest from Hunter:

Interest rates are moving in the right direction.  Both employment data and various indexes to measure inflation are coming down, showing signs of a slowing economy and the need for the Fed to start to reduce the Fed funds rate. It is believed the Fed Reserve Governors will cut the fed funds rate by .75% in 2024, starting in September. We have seen mortgage rates inch down based on these future expectations of the Fed making cuts. Please note the Fed does not control interest rates on mortgages. 

Another topic right now is buyer agent compensation and how this will be handled moving forward. We recommend all buyers have a strategy with their lender regarding compensation. This will vary on each offer depending on the seller’s willingness to contribute, whether the buyer has the funds available to pay the compensation, or whether the purchase price is adjusted upward to cover the buyer agent’s compensation. A strategy before writing each offer will be a must.  

If you are in the market to buy or sell a house now, we recommend you reconnect with your lender to understand your options. 

As always, we appreciate your questions and are here to help you navigate the real estate market well!