6:49 a.m. Well… it’s kind of a live post – I will be updating this post throughout the day. This morning, all eyes are on the FOMC (aka “the Fed”) as we wait to learn how much the Fed funds rate will be adjusted. It is anticipated that the Fed will push the rate 0.500% higher today. This will directly impact loans that are attached to the Prime interest rate, such as home equity loans and many credit cards with variable rates. [Read more…]
LIVE: It’s FED Day! Fed increases rates by a half point.
December 14, 2022 by Leave a Comment
Fed increases Funds Rates by 0.75 Percentage Points
July 27, 2022 by Leave a Comment
Today, in a move that probably surprised nobody, the FOMC increased the Funds Rate by 0.75 percentage points to 2.500%.
In addition, the Fed reiterated their commitment to reduce their holdings in Treasury/mortgage-backed securities and agency debt.
Mortgage rates reacted favorably as this increase was highly anticipated by the markets.
What will not be reacting so favorably are credit cards, home equity loans and other debts where interest rates are attached to Prime as the Prime Rate follows the Fed Funds rate.
PLEASE pull out your credit card statements, and any other debts to do a “checkup” on what your interest rates are. I’m happy to review your credit cards with you to see if refinancing or a second mortgage makes sense for your financial scenario.
Mortgage rates pushing higher
June 14, 2022 by Leave a Comment
Mortgage interest rates have been moving higher at a pace not seen in years. If you’ve been a subscriber to The Mortgage Porter, you may recall that I often say mortgage rates move up much faster than they come down…the jump over the last few days has surprised many. [Read more…]
Fed Raises Funds Rate a Half Point
May 4, 2022 by Leave a Comment
Today wrapped up the two-day FOMC meeting and Chairman Powell announced that the funds rate will be increased by a half point. As of today, the federal funds rate is 0.75-1% and is expected to another 2 percent by the end of the year.
From the FOMC statement: [Read more…]
Mortgage Rates on the Rise
January 13, 2022 by Leave a Comment
Mortgage interest rates have been pushing higher with the Fed pulling out of buying mortgage-backed securities and inflation. Check out Freddie Mac’s latest Prime Mortgage Market Survey that was published this morning. NOTE: Rates posted below are EXPIRED – for current mortgage rates based on your personal scenario for homes located in Washington state, please click here.
Fed Leaves Rates the Same BUT…
June 16, 2021 by Leave a Comment
The Fed’s announcement today to leave the funds rate unchanged was not a surprise to the markets. What did send the bond market in a tizzy this afternoon was that the Fed ever-so-slightly moved the goal posts out a bit for inflation. [Read more…]
How does economic news impact mortgage interest rates?
August 1, 2018 by Leave a Comment
Mortgage rates are based on bonds (mortgage backed securities) and are traded fairly similar as stocks. Investors tend to favor stocks over bonds as stocks tend to provide a better return. However, investors will opt for bonds over stocks when they are seeking safety when markets are tumultuous. When the stock market is on a run, odds are mortgage rates may be moving higher as investors are selecting stocks over bonds. And when the stock market is tanking, mortgage rates tend to improve for the same reason. [Read more…]
How the Fed impacts Mortgage Rates [LIVE MORTGAGE RATE POST]
December 16, 2015 by 1 Comment
Today is “Fed Day” and it’s widely anticipated that we will see our first increase to the Fed Funds rate in years.
Fed Chair Janet Yellen is expected to announce an increase of 0.25% to the Fed Funds rate following the wrap up of today’s FOMC meeting around 11:00 PST.
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