Fed Drops Rates Again
Once again, the Federal Reserve dropped the benchmark interest rate a quarter point. The federal funds rate now stands between 3.75% and 4%, its lowest level since 2022. Lenders anticipated this move, as well as market reactions. As a result, we began to see lower interest rates on mortgages even before the Fed made their announcement last Wednesday.
Bear in mind, the Fed’s benchmark rate does not have a direct impact on mortgage rates, but with recent rate adjustments, we are now seeing the lowest rates in 11 months.
If you’ve been on the fence to make a home purchase, this might be a great time to give me a call and crunch the numbers together! My team and I provide a full analysis of what types of loan programs will work for you, and help you make the best decision for your scenario.
Refinancing is making a big comeback now, as well. Homeowners looking to lower their monthly rate, or use their built-up equity are taking advantage of today’s attractive rates!
My team and I keep a close eye on the market, to lock in the best rates for our clients. If you – or your friends and family – need a mortgage consultant that provides excellent personalized service, please give us a call. We’re ready to help!