It’s today that everyone in the mortgage and financial advising world are on the edge of their seats to see what the Federal Reserve decides on the recent rate adjustment. Some think .25% and others hope .5%. Just about any veteran Loan Consultant such as myself can expect clients and prospects to start asking the question, “will I get a better rate now that the Fed lowered the rate…”. The answer to that is, “not congruent to the amount that prime changes necessarily, but over a couple days, it seems that the stimulus in the market that will reside from such a move will cause a “bettering” in the 30 year mortgage rate in the short term.”
If you have been waiting for a good turn in the market for rates before you start your home search, now is the time. Rates really settled to a lowest rate seen in a couple years in recent weeks, and then started upward again this week and last. My guess is that in the next couple weeks or months, rates will hold, then settle a little before they make an upward swing again. If you want to catch this window of time for best rate options, go to this link and start a Market Watch so you can start actively seeking a home.
Best of luck in your Home Search
Frisco Plano Irving Home Loans