One of America’s most prominent figures of commerce, finance and real estate has unveiled exactly when the housing market may see its next drastic shift.
“I can’t explain the rates going up or down – that’s not my bailiwick. But what I can explain is if rates go down, just another percentage point, that’s what I’m hoping for, prices are going to go through the roof,” The Corcoran Group founder and “Shark Tank” investor Barbara Corcoran said in a wide-ranging interview on “Cavuto: Coast to Coast” Wednesday.
“Everyone will come out and buy. There are probably 10 buyers on the sidelines waiting for interest rates to come down that are actually active in the market,” she continued.
“So everybody’s going to charge the market.”
As of March 27, the interest rate on a 30-year fixed-rate mortgage sat at 7% while the 15-year fixed-rate mortgage was 6.125%, both unchanged from the previous day.
The Federal Reserve left interest rates unchanged for the fifth straight time in its latest meeting, while clarifying that plans to cut rates may be pushed out further, but remained committed to three this year.
