As expected, the Federal Reserve Board paused its cycle of policy rate reductions at their most recent meeting. The Board signaled that due to an uncertain economic outlook, it will continue to monitor incoming data to determine future moves. What exactly did the Fed say? The Fed’s statement described stable employment in a ‘solid’ labor market, and ‘somewhat’ elevated inflation. The statement reiterated that future action will be based on ‘incoming data, the evolving outlook, and the balance of risks.’ What does this mean for mortgage rates? The Fed does not directly control mortgage rates. Investors had already priced in the Fed’s decision, so geopolitical and economic events are more likely to have an impact at this time. Is this a good time to make your move? Here are some considerations:
Getting started now with a pre-approval can put you at the starting line when you’re ready to make a move. It’s worth a chat.We have calculators to help you weigh the potential costs when buying at a higher rate or a higher price. We also have programs that can help mitigate higher rates. A hybrid ARM, for example, offers a lower initial rate before adjusting to fixed rates later. Fixed rate buydowns and HELOCs can help you move forward with your plans, too. If you want to wait on your next purchase, this is a good time to prepare. A qualification consultation or even a pre-approval is a great place to start. Background on the Fed:
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If this is your time to buy, refi, or access cash from equity, don’t let uncertainty about rates slow you down. |
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