When the economy slows – or merely even looks like it could – the Fed, as in Federal Reserve Bank, can choose to lower interest rates. This action gives businesses an incentive to invest and hire more, and it encourages consumers to spend more freely, helping to propel growth. Conversely, when the economy looks like it may be growing too fast, the Fed may decide to hike rates, causing employers and consumers to tap the brakes on their financial decisions.
“When the Fed raises or reduces the cost of money, it affects interest rates across the board,” explained Greg McBride, Bankrate.com’s chief financial analyst.
Mortgage rates aren’t likely going to respond quickly to last week’s quarter-point rate adjustment. Interest rates on home loans are more closely tied to the 10-year Treasury yield, which serves as a benchmark to the 30-year fixed mortgage rate. That’s evident when you look into the past. Each time the Fed has adjusted rates, mortgage rates haven’t always responded in parallel. For example, the Fed hiked rates four times in 2018, but mortgage rates continued to edge downward in late December. Mortgage interest rates are already at significant lows. Don’t wait for a further drop due to this current rate cut.
If you’re shopping for a newly built home, read on:
Steve Thomas opens display at Carter Canyon
With a long-time reputation for well-crafted homes and communities in St. Charles County, builder Steve Thomas is now offering homes from the $170’s in neighboring Warren County.
Carter Canyon features beautiful and mostly wooded home sites located off of I-70’s exit 200. Among the standard features in those homes are granite countertops; quality laminate flooring in the foyer, kitchen and breakfast room; wall-to-wall carpeting in other rooms; walk-in closets; cultured marble countertops in each bathroom; two-car garages; 30-year architectural shingles and much more.
“We have our Victoria display located on lot 9 ready to view along with one more inventory home, which is still under construction, located at Carter Canyon,” reported sales manager Kathy Meitz.
“We have lot 15, our Lauren II model, under construction and you still can select interior colors,” Meitz said. “Hurry in before this is gone.”
To visit Carter Canyon take I-70 west from St. Charles to exit 200 and continue straight ahead on the North Service Road to right on Westwood Drive approximately a half mile to the community entrance on the right.
Meanwhile, at Eagle Estates off Orf Road in St. Charles County, Thomas has a Magnolia II on display. “The 2,686-square-foot, split-bedroom ranch is on a wooded homesite with a gorgeous tree line,” Meitz said. At Eagle Estates, Thomas has seven large homesites remaining on a single cul de sac street off Orf Road in the Wentzville School District. Homes are priced from the $390’s. All homes have extensive standard features.
Steve Thomas’s custom division also offers custom homes on off-site locations.
“We can build your dream home using your plan or one of ours,” Thomas said.
For more information, call Kathy Meitz at (636) 561-2173 or visit stevethomashomes.com.
Griffey offers affordable custom homes
Dreaming of a custom home but think they’re too expensive? Custom homes by Griffey Homes are affordably priced from $100 per square foot, and homebuyers can work directly with the home builder. “We have architects available and an in-house designer. And, we offer construction financing at affordable rates,” said Griffey sales manager Kim Valerio. For more information on custom homes call her at (636) 936-1923 or email firstname.lastname@example.org.
Griffey Homes has sold its Denali display at MacArthur Park, a single cul de sac of just 11 homesites on Central School Road just off Mid Rivers Mall Drive. Sales are currently being conducted from the Acadia ranch inventory home at MacArthur Park.
MacArthur Park also is the sales center for Griffey’s custom homes division.
“We will build your plan or our plan on your land or our land,” said Valerio. “We have been building custom homes for over 30 years in St. Charles, Lincoln and Warren counties and west St. Louis County.”
Meanwhile, Griffey Homes has a new community coming on line. Dragonstone is the builder’s newest upscale community on Bates Road in Dardenne Prairie and will feature 1/3-acre and larger homesites. All of the planned homes will have three-car garages and most will be walkout sites, Valerio said.
For details on Griffey Homes, call (636) 936-1923, email email@example.com or visit griffeyhomes.com.