Washington State Mortgages, Made Clear
Eight times a year, the Federal Open Market Committee (FOMC) meets and announces whether the Fed Funds Rate will change. Every time it happens, homeowners and buyers see the headlines and wonder the same thing: does what the Fed just did affect my mortgage rate?
The short answer is: not directly. And understanding why is one of the most useful things a homeowner or home buyer can know about how mortgage rates actually work.
Mortgage rates are slightly improved compared to last’s update. Learn what may impact mortgages, recent improvements to low down conventional mortgage programs and a reminder for our upcoming homebuyer workshop in this week’s episode of The Mortgage Porter.
This week’s update covers March inflation data, a stronger-than-expected jobs report, the latest on mortgage-backed securities, and a spotlight on a powerful but underused product — the first lien HELOC, also known as an offset mortgage.
One of the most common concerns I hear from buyers and homeowners in Washington State is that today’s mortgage rates feel high. And compared to where rates were in 2020 and 2021, they are. But compared to the full history of mortgage rates in the United States, the picture looks quite different.
Understanding where today’s rates sit in historical context is one of the most useful things a buyer or homeowner can know — and it often changes how people think about waiting versus acting. [Read more…]
Mortgage rates had a tough March — but heading into this week, we’re starting to see some welcome improvement. Here’s what’s been happening and what to watch for in the days ahead.
