SpokaneRealEstate.org

Did you see the Fed's cut the Rates?

We have been waiting for quite some time, and it finally happened. The Fed lowered "rates" on Sept 17th, but what does that mean for buyers and mortgage rates?

First, mortgage rates are lower than they have been for the last 11 months. When the Fed adjusts interest rates, they are changing the Fed Funds Rate, which is the short-term rate banks use to lend to each other. While this influences mortgage rates, it does not set them.

If you were paying close attention, you may have noticed that mortgage rates fell before the official Fed cut. This is because the mortgage bond market had already priced in the widely anticipated cut.

For you, Buyers: The big picture is that rates are generally expected to move in a favorable direction, which means more purchasing power for you.

If you are a buyer that have been waiting for rates to come down, now is the time to get off the fence and get those pre-approval letters ready and get back to shopping for the home you have always wanted.

Please give us a call and let us help you.

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