Curious about why mortgage rates increased in October despite the Fed’s rate cuts? Tune in as I explain the trend and what to expect moving forward. Discover why 30-year fixed mortgage rates spiked by 0.75% and how federal fiscal policies play a role. Plus, find out why November and December might bring better news for mortgage rates. Have questions about navigating this market? Contact us today for expert advice!
Tag: fed rate cut
Rate Update October 8, 2008
The Fed announced this morning that they, in conjunction with 5 other central banks, were cutting short-term interest rates by .50%. This takes the Federal Funds rate down to 1.50%. The prime index is now expected to dip to 4.50%.
Ordinarily mortgage rates don’t always benefit from a fed rate cut. However, watch today’s you tube video to understand why this might be different.
Current outlook: floating