Rest in Peace, Patrick Sand
PSA: Check Your Credit Card Interest Rates
I just received a notice from a local department store that they are INCREASING my interest rate from 24% to 31%! I’m a bit befuddled since the Fed recently lowered the funds rate by 0.50 and I pay off my account monthly. My credit is excellent. I decided to call the 1-800 number on the notice and was told this is an increase “across the board” and they do not have a lower rate to offer me. I enjoy receiving my benefits from using the card and even though I rarely pay interest as the bill is typically paid off every month, I can’t support this rate. I asked if there was anything I could do and she informed me that I have no options…except to no longer use this card. [Read more…]
Mortgage Market Update for the week of October 14, 2024
Check out my latest video to learn where mortgage rates and what may impact mortgage interest rates this week.
Mortgage Market Update for the Week of October 7, 2024
Where are mortgage rates following the stronger than expected Jobs Report last Friday? Check out my latest video to learn more about mortgage interest rates and I have a spotlight on VA Loans.
Mortgage Market Update for the Week of September 30, 2024
It’s Jobs Week with the first week of October. Here’s my latest update featuring what may impact mortgage rates this week.
If you would like to learn more about mortgages for your personal scenario, please contact me!
PS: Go Seahawks!!!
Mortgage Market Update for the week of September 23, 2024
This week, I address how mortgage rates reacted to the Fed’s 50 basis point drop to the Fed funds rate and what may impact rates this week. Fannie Mae has an optimistic forecast for mortgage rates and we have 2025 “temporary” conforming loan limits available!
Check out my latest video for more info!
It’s Fed Day! Fed Funds Rate Cut 50BPS! [LIVE Post]
This is one of the most highly anticipated “fed days” that I can recall with the expectation that the Fed will lower the funds rate for the first time in four years. The question is, how much will the fed reduce the funds rate? Odds are currently at a 50-basis point drop, which is what the markets are betting on. [Read more…]
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.
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