Today the Feds cut the rates by .75 basis points unexpectedly, before their scheduled meeting later this month, in an attempt to keep away inflation. Wall Street took immediate action and the stock plunged this morning, but rebounded some a few hours later. What does this mean to you? Does it mean an immediate decrease in your mortgage rate affecting your payment? Well it could!
When the Feds drop the rates here is what it means to you:
What you may or may not know is that it does NOT immediately effect 1st mortgage rates. This may be important if you are planning to or are in the process of refinancing or buying a new home that you will be mortgaging.
If you are looking for a Home and a mortgage to buy that home, we can help. Many of our clients have found it extremely convenient to have us sell their home, locate a new one, and obtain the financing to do so.
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Katrina Madewell is a Home Consultant serving Tampa Bay for 16 years now. Katrina can be reached at (813) 235-9889 or on the web at TheBestHomesInTampa.com
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Buyers NEVER pay for our services!! I am here to serve you & guide you on the Greater Tampa Bay Area. Over 16 yrs experience to assist you with Real Estate & Mortgage needs. TheBestHomesInTampa.com
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Hi Katrina,
Good info on this post. I was surprised to see such a whopping cut at one time, especially prior to the feds meeting. It's interesting to see how this will play out.
Katrina - this was welcome news - I'm hoping we do see it trickle down to 1st home mortgages :-)
Lynda - I think most were really taken back by the unexpected cut, and of coarse follow by the scheduled cut (if you will)
Cyndee- shouldn't take too long... Hopefully