2:15 we should find out about the Fed rate. The market has a 100% chance of a .25 cut coming from the Fed. This could and most likely will make mortgage rates spike in the short run. If you've been paying attention, that's what has happened in every cut this year. The reason is that A) mortgage rates are not at all tied to the Fed Funds rate, don't fall for that. B) A cut in the Fed Funds rate pumps cash into the system, more cash in the system causes inflationary pressure and we know mortgage bonds and inflation DO NOT get along. We have been up as much as 12bp today and down as much as 44bp today so we're swinging all over the place. Currently we're back to about dead even on the day as the 2:15pm mark approaches. Check back later for more updates.
More later but I will leave you with two things, I think the forces acting on the market that have caused rates to drop lately are a stronger force than the fed cut will be. This SHOULD prove to be only a speed bump in the road and not a new trend. Keep calm and let the market do what the market does, you cannot control it you have to learn to live with in it. Panic is never a good move.
Knowledge and integrity will always win out over chaos and anxiety. In our current market, an expert mortgage advisor is crucial to your financial well being and successful wealth management.
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