What does the July 2026 Federal Reserve meeting mean for buyers in Murrells Inlet, Myrtle Beach and Pawleys Island, SC?
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Are you thinking of making Murrells Inlet, South Carolina or one of the surrounding towns your home?
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The Federal Reserve met last week and decided to keep interest rates the same which was expected. The vote was 9-3 with three members wanting to increase the Fed rate. While mortgage interest rates are not tied to the Fed rate, mortgage rates usually move in the same direction as the Fed rate.
With three members wanting to increase rates and the Fed Chair making comments about inflation not being under control yet, what does this mean for buyers? Mortgage rates will most likely not decrease this year, and it is a strong possibility that they may increase around the Federal Reserve meeting in September.
Interest rates for conventional loans are around 6.5% while rates for FHA loans are slightly below 6%. At least for now, interest rates near 6% – 6.5% are normal and not expected to come down this year. If you are a buyer waiting for rates to come down before purchasing, you may find yourself waiting too long and rates becoming higher.
My best advice is if you need or want to buy a home now or within the next 6 months, talk to a trusted lender to see what you can afford in this current climate. Then work with a real estate agent to see exactly what is available in your price range.
Whether you are ready to move to Murrells Inlet, Surfside Beach, Garden City Beach Litchfield Beach, Pawleys Island, North Myrtle Beach, Myrtle Beach, South Carolina or the surrounding inland towns like Conway, South Carolina, today or in 1+ years, call, text or email me so I can help you make a smooth move to the beach.
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Kathy Rukat Smith, a Murrells Inlet, SC real estate agent with Palmetto Coastal Homes
