Good afternoon, Chicago. ✶
And happy Monday.
The Federal Reserve cut interest rates this month for the first time in more than four years. Meanwhile, earlier today, Federal Reserve Chair Jerome Powell signaled that more interest rate cuts are on their way.
In today’s newsletter, we look at what this means for Chicago homeowners and buyers. (Read on — a little optimism may be warranted.)
Plus, we’ve got reporting on the technology issues that snarled up Metra lines this morning, efforts to renovate a church that’s more than a century old and more community news you need to know below. 👇
⏱️: A 7-minute read
— Matt Moore, newsletter reporter (@MattKenMoore)
TODAY’S TOP STORY
For Chicago homeowners and buyers, Fed’s big rate cut has them ready to lock in lower mortgage rate
Reporting by Abby Miller
Rate relief: The Federal Reserve cut interest rates this month for the first time in more than four years — a move that will help lower borrowing costs for consumers and businesses. While any cost savings could take months or even years to fully kick in, some Chicagoans are already feeling relieved and looking to refinance or purchase a home.
Staying flexible: Ian Rempel and his family moved to Riverside in February. Once he saw the Fed announce a larger-than-usual half-point cut to its key interest rate on Sept. 18, he called a mortgage consultant. He hopes to refinance and lower his monthly payments. In fact, Rempel said he’s considering an adjustable mortgage rate — something he “never considered in the past” — since more rate cuts are projected this year.
Buyers’ forecast: The Fed’s expected shift toward rate cuts could bring buyers off the sidelines and into a housing market that’s seeing a yearslong inventory drought. If you’re on the fence about buying, experts say now might be a good time to act.
WHAT ELSE IS GOING ON?
Church seeks donations: The Wicker Park Lutheran Church aims to raise $1.4 million to make the church more ADA-friendly with a new accessible entrance, an elevator and new bathrooms. Other planned renovations include preserving the stained glass windows and installing flood protections.
Vote on settlement: The City Council’s Finance Committee will be asked to approve a $1.75 million settlement to compensate Eddie Banks Jr., who was severely injured and permanently disabled in 2018 after his vehicle was struck by a police squad car during an unauthorized high-speed chase.
Metra’s messy morning: Technology issues disrupted four Metra lines early today, causing cancellations and delays for thousands of travelers during rush hour.
So long, plastic bottles: When runners cross the finish line at next month’s Bank of America Chicago Marathon, they won’t be given plastic single-use water bottles. Instead, they’ll get aluminum ones made by a Rosemont-based water filtration and treatment company. The United Center has also made the switch to aluminum bottles.
3.5 stars for ‘Misery’: As a writer and a fan who is holding him captive, Steve Key and Wandachristine give Stephen King’s dialogue the right sinister spin in this American Blues Theater production, writes Catey Sullivan in a review for the Sun-Times.
SUN-TIMES STAFF SUGGESTS ☕
Taste something delicious at Perkolator Coffee
Today’s recommendation comes from Emmanuel Camarillo, a general assignment reporter here at the Sun-Times.
Emmanuel suggests you stop by Perkolator Coffee in Portage Park.
Perkolator, which just celebrated its 10-year anniversary, serves fresh coffee roasted in-house on a zero-emissions coffee roaster, according to owner Melissa Basilone.
But you also gotta get a bite to eat there, Emmanuel tells me.
Emmanuel’s pick: The chorizo, egg and cheese breakfast sandwich
Why you should get it: “The bread is consistently warm and soft, and the chorizo is well spiced without being overwhelming, and the provolone balances out that rich flavor,” Emmanuel says. “It’s a deliciously simple sandwich.”
📍Perkolator, 6032 W. Irving Park Road
BRIGHT ONE ✨
Oktoberfest revelers enjoy beer, bee sting cake at St. Alphonsus celebration
Reporting by Erica Thompson
The overcast sky and scattered showers were not enough to stop Chicagoans from attending the second day of Oktoberfest at St. Alphonsus church on Saturday.
What is there to complain about when you have beer, bratwurst and bee sting cake?
The latter, a German dessert known as bienenstich, is a two-layer cake with custard filling and a crunchy, caramelized almond topping. The dish, along with leberkase (pork and veal loaf) sliders, were new additions for the fest, now in its 22nd year.
It’s those traditional touches, coupled with a strong sense of community, that make the three-day Lake View street festival stand out. It also features music, a craft beer tasting, vendors, kids’ activities and a stein-hoisting competition. The $10 admission goes toward the church’s education and community outreach initiatives.
Inspired by the annual Oktoberfest in Munich, the St. Alphonsus event draws thousands to the area to help usher in the fall season.
“It’s always fun to celebrate who we are and invite the whole city to come and share in our German heritage and culture,” said the Rev. Steven Bauer, pastor of St. Alphonsus, which has many German immigrants among its congregants.
YOUR DAILY QUESTION ☕️
In the latest Someone in Chicago advice column, Ismael Pérez writes about being a victim of a hit-and-run while walking in July — and the new perspective he’s gained since. So we want to know:
What unfortunate event in your life gave you new perspective in the aftermath?
Email us (please include your first and last name). To see the answers to this question, check our Morning Edition newsletter. Not subscribed to Morning Edition? Sign up here so you won’t miss a thing!
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Written by: Matt Moore
Editor: Esther Bergdahl
Copy editor: Chris Woldt