The Fed has just announced a rate cut the Fed Funds rate by 25 basis points.
This has been widely anticipated by the markets. Remember, the Fed’s rate cut does NOT directly impact mortgage rates (except for home equity lines of credit and other loans that may be attached to the prime interest rate).
What does tend to impact the direction of mortgage interest rates is what the Fed says and information that is shared with the rate cut.
Next up, we’ll be watching the press conference to see the tone of the Fed at 11:30 Seattle time.
Stocks ended the day higher as well as mortgage-backed securities. We’ll see what tomorrow brings for mortgage rates!
If you’re curious about mortgage rates or thinking about buying or refinancing your home, let’s talk!
About Rhonda Porter
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