https://growella.com/mortgage/ ► Today’s mortgage and real estate news: (1) The Federal Reserve’s FOMC adjourns from its two-day meeting and raises the Fed Funds Rate by 0.25 percentage points; (2) Today’s mortgage rates and how they’re changing, plus a look at the most recent 5-day trend; (3) The hardest part about shopping for a mortgage can be dealing with mortgage rate changes while you’re still comparing rates between lenders, so use a solid strategy to protect yourself against loss.
FROM THIS EPISODE
But just because the Fed elects to raise its benchmark interest rate, that doesn’t mean mortgage rates will rise, too. Because the Federal Reserve doesn’t control mortgage rates. Wall Street does. And the two don’t move in tandem. We can see it in the data. Going back three years, the Fed Funds Rate is up one-point-five percentage points. But mortgage rates are only up zero-point-five percentage points, so don’t expect the vote from the Fed to change your home purchasing power or how much house you can afford. Where that might happen, though, is in the Fed’s press statement. The Fed’s words influence Wall Street and, by extension, U.S. mortgage rates when the group starts talking inflation and topics on the economy. And that statement hits at two PM today.
Jump to the following:
(00:11) The Federal Reserve’s FOMC is raising its benchmark interest rate
(01:09) Today’s mortgage rates and the 5-day interest rate trend
(01:37) Mortgage rates are unpredictable, and what home buyers can do about it
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Lock It In Because Mortgage Rates Gonna Mortgage Rate – Today’s Mortgage & Real Estate News