The Fed made a somewhat surprising move today and cut interest rates 50 bps, or 0.5%, rather than the more conservative 25 bps lenders have already priced into their rate sheets. There’d been talk the last few days about a potential larger cut and that’s exactly what happened.
The initial reaction from markets was slightly volatile, but that’s to be expected, and shouldn’t be cause for concern. We should see rates start to fall in the next few days.
If I'm a buyer who is under contract (or poised to be,) I'm waiting for the dust to settle before locking in my interest rate. Patience is the name of the game this week but overall, a good day for mortgage rates!
About IntroLend Carolinas
IntroLend Carolinas is a mortgage marketplace that allows you to compare your options side-by-side, giving you the confidence to know you are receiving the best possible rate and terms. Helen Adams Realty has dedicated finance managers in their offices who have been in the mortgage and customer service industries for decades and understand how to take great care of any borrower in any scenario.