FOMC drops the Fed Funds Rate by 0.50

This morning the Fed lowered the Fed Funds rate by 0.50 to 1-1.25% due to the global financial impacts of the coronavirus. The markets were anticipating the Feds to make a move and reacted favorably…however we’re still seeing plenty of volatility.

What does this mean with regards to mortgage interest rates? They are still very very LOW making this a great time to look at refinancing.

You may be a good candidate for a refinance if ANY of the below list applies to you have:

  • A mortgage with interest rate higher than 4.375%.
  • private mortgage insurance.
  • an FHA mortgage.
  • an ARM (adjustable rate mortgage).
  • a second mortgage/HELOC
  • revolving debt with interest rates above 3.5% (or that will reset with higher interest rates).

Or perhaps you want to take equity out to improve your home (or for any reason). Many homes have greatly appreciated!

I have been helping people with their mortgage needs for 20 years. If you are thinking about buying or refinancing your home located anywhere in Washington state, where I’m licensed, I am happy to help you! Click here for a rate quote or here to start your pre-application.

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