Since the Fed announced its 50 basis point cut, mortgage interest rates have been rising. In fact, it is 50 basis points higher since the Fed cut the federal funds rate (FFR) by 50 basis points. While we know that the Fed does not control mortgage interest rates, it seems unusual to see such a … Read more
Have high mortgage rates ruined your plans to refinance your mortgage? Well, there might be a temporary solution to save some money while you wait for interest rates to drop again. Assuming you have the extra cash on hand, you can reduce your interest expenses simply by paying more each month until you refinance. For … Read more
In the world of mortgage rates, it’s sometimes a game of inches. This can be true for both potential homebuyers and current homeowners looking for price relief. Granted, if you’re that marginal when it comes to affording a home, maybe you should consider renting until it’s more definitive. But if you already own a home … Read more
For the past several years, we have been entirely focused on rising mortgage rates. The 30-year fixed yield has risen from levels of less than 3% to about 8% in a period of less than two years. Obviously, this has caught everyone’s attention, whether it’s the media or ordinary Americans. But there has often been … Read more
Halloween isn’t over yet, but homebuyers may already be getting a little spooky. The 30-year fixed mortgage, which most buyers rely on, jumped from about 6% to nearly 6.75% in about three weeks. This happened right after the Fed finally cut the federal funds rate. Good timing I know. Before this rate reversal, mortgage rates … Read more
Last week, I said that mortgage interest rates remain on a downward trend, despite some recent decline. The 30-year fixed rate was roughly below 6% when the Fed announced the rate cut. The “news selling” event led to a slight rebound in interest rates. Then a hotter-than-expected jobs report days later pushed the 30-year interest … Read more