The Weekly Dirt: How the Fed’s rate cut could affect South Florida buyers

The Federal Reserve cut its benchmark interest rate by a quarter point.  The reduction is not as substantial as some hoped, and it had already been priced into mortgage rates by the time the announcement was made last week. The remaining market foe is inflation. “That’s what’s causing the stickiness around long-term rates,” said Robert Palmer, founder and CEO of LPT Realty, a Florida brokerage firm.  Still, a drop is good news.  “Rates are still better than they have been. I think the hope was we were going to see a sharp drop happening. We didn’t get that,” Palmer said. […]This article originally appeared on The Real Deal. Click here to read the full story.