Rate Update: Lowest Mortgage Rates in Weeks -Time to Make Your Move!
Great news! Mortgage rates have cooled down recently, and 30-year mortgage rates are now at their lowest since mid-October. This is fantastic if you're considering buying a home or refinancing your current one.
The Federal Reserve announced on Wednesday they're keeping the federal funds rate steady for now. While they're not ruling out a rate hike in the future, they're being cautious. Fed Chair Jerome Powell explained that they're taking things one meeting at a time, assessing the situation carefully.
Chair Powell stated, "Given how far we have come, along with the uncertainties and risks we face, the [Federal Open Market Committee] is proceeding carefully."
So, what's the bottom line? We'll have to wait for more economic data to get a clearer picture of what the Fed might do in the coming months and how it could affect mortgage rates.
If the Fed avoids raising rates, mortgage rates should remain favorable, and they might even decrease further if the Fed decides to cut rates in 2024. But, if inflation doesn't slow down or starts to rise, the central bank might decide to raise rates at an upcoming meeting, which could lead to higher mortgage rates.
In a nutshell, things are looking good with these low mortgage rates. Stay informed and keep an eye on economic indicators, and be ready to seize opportunities in the housing market when they come your way!