The Fed cut the short term lending rate by 1/2 point this past week. Mortgage rates dropped, right? Wrong. The mortgages that will benefit from this fed cut are those adjustable rate mortgages indexed to the Fed rate at 5.25% or higher and they will benefit only when they adjust. Also, home equity loans and lines of credit will benefit as well. The 30 year fixed rate mortgage rate actually went up this week. It is more closely tied to inflation and long term yields.
Today’s home financing, requires a mortgage professional able to secure a loan program, terms, and an interest rate that best suit your overall financial strategy and your current financial needs. And always accounting for the current, short-term, and long-term future economic outlook.
The David M. Damare’ Team is committed to securing your financial lifestyle using the latest market monitoring tools and mortgage lending strategies.
Rates available anytime upon request at 919.851.0999.
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