The Feds Cut Rates On Sunday, the Feds announced that they were cutting the Federal Funds Rate to Zero. What did this announcement really mean for the mortgage industry? The Federal Funds rate is the overnight (short-term) rate that that banks use to lend money to one another. Although this rate cut does NOT directly impact Fixed mortgage rates, it does impact other consumer short-term lending products like HELOCs, credit cards, auto loans, etc. Why did interest rates spike so much last week? The Coronavirus news began slowly affecting mortgage rates in January, but really caused rates to hit an […]
INTEREST RATE UPDATE The Wuhan coronavirus has been significantly affecting US markets since January 21. Between then and now, mortgage rates have been continuing to fall moderately. Average mortgage rates fell appreciably on Friday, as we predicted. Current mortgage rates are near an all-time low in three years. That means it’s best to shop today’s mortgage rates now, while you can get the lowest interest rates available. 30 Year Conventional Rates: 3.5% APR: 3.612% Points: 0% 7/1 Jumbo ARM Rates: 3.0% APR: 3.15% Points: 0% PRODUCT & PROGRAM UPDATE: ditch your monthly pmi Did you know you can purchase a […]
Interest Rate Update Last week was another volatile one due to the US and Iran Conflict. Initially, the Stock market sold off significantly, down over 400 points. During escalations of conflict between countries, investors quickly moved investment dollars from the stock market to the safest investments such as U.S. Treasury Bills and Mortgage Backed Securities. Mortgage bonds hung in there and after some turbulence, ended the week close to where they started. With mortgage rates at the lowest rate since October, this could be a great opportunity to lock in on a great interest rate. Product & Program Update: Student […]
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