Tomorrow afternoon, the Federal Reserve announces its rate decision, and markets put the odds of a hold at about 99%. That leaves the benchmark rate where it's been since December, and it leaves the average 30-year mortgage sitting near 6.5%.
Here's what that means in Westchester terms. The median single-family home in the county now sells for around $940,000. Put 20% down and you're financing roughly $750,000. At today's rate near 6.5%, the principal and interest run a little over $4,700 a month. At a full point lower, closer to 5.5%, that same loan costs about $4,300. The difference is roughly $500 a month — close to $6,000 a year — for the exact same house.
Why it matters: The reason the Fed isn't cutting connects to yesterday's story. Inflation hasn't hit the 2% target, and the oil-price spike from the conflict overseas is making that worse. The same global event driving up your heating oil is helping keep your mortgage expensive.
What to do: The data doesn't support waiting for a summer cut — it's very likely not coming, and Westchester prices keep rising because supply is tight, so waiting can mean a higher price anyway. If you're sitting on a mortgage above 7% from the last two years, watch the fall, when modest cuts are still expected. Listen to the full story on The Westchester Brief.
QUICK HITS
The World Cup is here. MetLife Stadium, just across the line in New Jersey, hosts eight World Cup matches between now and the July 19 final, with the official FIFA Fan Festival running at Liberty State Park. We'll map Westchester's actual slice of it on Friday.
Metro-North eyes a new garage. The railroad is advancing a proposal for a roughly 500-space parking structure at the North White Plains station — a quiet commuter item that ties directly to the county's housing and development debate.
Early voting is underway. Voting in the June 23 county primary opened June 13. Two Yonkers-area Board of Legislators seats are on the ballot, with development and affordability the central arguments.
ONE MORE THING
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