The Federal Reserve announced on July 31, 2024, that it will not implement an immediate rate cut, but seemed to signal that a rate cut in the next few months is likely. Notable comments were made about the state of inflation and the labor market. The Fed remarked that inflation has eased, and the unemployment rate has moderated, suggesting that both are of less concern than in recent months. These optimistic comments may indicate a rate cut could be coming as soon as the next Fed meeting in September.

Overall, the summer homebuying season has been strong, and first-time buyers have access to a growing number of programs that help offset the cost of homeownership. FirstBank is proud to offer multiple programs that include low or no down payment options, grants and other assistance. As housing inventory continues to increase, we are looking forward to the remainder of the 2024 homebuying season.