09/19/2024
My phone has been ringing non stop since about 11am which is great because consumers are ready to buy and they are getting excited about rates improving. Rates have already improved quite a bit over the last few months. We have seen some pretty huge improvements which has helped buying power or built in confidence for consumers that are ready to become homeowners. Beware of the sensationalize news stories! You are going to see a lot of talk about the Fed cutting rates by .50 basis points and that mortgage rates have plummeting today. When in reality mortgage rates actually got a little worse today (17 basis points worse today than yesterday), because lenders normally price ahead of fed meetings while anticipating what might happen and always look ahead at the market by 30-90 days. Rates will more than likely stay flat for the next 30 ish days. We will have to wait and see when new economic data comes out. I have seen a lot of loan officers trying to bait buyers into calling them with a rate drop today. Please reach out to a TRUSTED mortgage professional to learn more on this. Yes rates are lower than they were a month ago but they DID NOT fall by .50 percent today. Education on mortgage rates its so important! Refinancing a loan is not the same for everyone so make sure to get the best advice from your TRUSTED loan officer. Any questions message me and I would be more than happy to explain how this works. Fed cutting rates affect short term rates like HELOCs, credit cards, auto loans etc. Call me for anymore info on this 510.908.0616.
