09/18/2024
This is what I’ve been waiting for!
INTEREST RATES ARE FINALLY DROPPING! The September FED Rate Decision and Policy Statements are incoming at 2PM ET Today. Here is what you need to know:
1: This rate cut DOES NOT have a direct impact to interest rates on your mortgage. If the FED cuts rates today by .25/.50% (25bps/50bps) that DOES NOT mean your mortgage rate can get reduced by that amount.
2: This meeting has been anticipated for months, so today’s rates are already reflecting the anticipated cut. This is why we have seen mortgage rates come down over the last few months.
3: You are going to get BOMBARDED with scam articles and fake news after the official announcement (if you aren't already). Many are going to say mortgage rates dropped SUBSTANTIALLY TODAY.. this isn't true. PLEASE reach out if you’d like to see how this affects your current situation. Rates go up like a rocket and down like a feather, so the full decline in rates will be over years. So, if it makes sense today, let’s look at a refinance. Or, if you’ve been waiting to purchase, let’s get you pre-approved! Call or text with questions! 320-493-2775
NMLS #1466985
M & M Mortgage, LLC NMLS #213677
