Mortgage Market Update for the Week of September 16, 2024

It’s a big week with the FOMC’s highly anticipated meeting wrapping up on Wednesday when we will learn if they’re going to cut the funds rate by 25 or 50 basis points. Watch my weekly update to learn more!

The Fed’s move tomorrow does not directly change mortgage interest rates; however, it does influence mortgage rates as rates are based on mortgage-backed securities (bonds) and are traded similar as stocks.

Changes to the Fed’s funds rate does impact the rates on home equity lines of credit, credit cards and other debts where the interest rate is based on the Prime Rate as the prime rate follows the Fed’s funds rate.

Mortgage rates have been improving and I am already helping people restructure their mortgages and eliminate high-interest rate debts. If you would like to see possible scenarios based on current rates, I’m happy to share this with you with no obligation.