Today is “Fed Day” when the FOMC wraps up their two-day meeting and announce if there will be any changes to the Fed Funds rate.
Markets are widely expecting that there will be no change to the rate today. This will be announced at 11:00 Seattle time.
Remember, mortgage rates are not directly impacted by the Fed Funds rate (except for home equity lines of credit that follow the prime rate).
Mortgage interest rates do and will react to what the Fed’s actions and statements are today as mortgage rates are based bonds (mortgage-backed securities).
If you would like to have current mortgage rates based on your personal scenario, please contact me – no credit pull required!
First-Time Home Buyer Programs: Your Guide to Buying a Home in Washington State
Recently, I spoke with a Seattle homeowner who is planning a major remodel. Like many homeowners, he initially reached out asking about a HELOC — which is often the first option people think of when they want to improve their home. They currently have a very low rate with their existing mortgage, which is one reason why they’re considering a home equity line of credit.
