What’s behind the rate moves?
We like to let you know when the Fed changes policy rate targets. That’s not what happened at their June meeting, but mortgage rates fell again anyway. How did we get so lucky?
While the Fed didn’t lower rates on overnight loans to banks (they’re near zero already), Fed Chair Jerome Powell committed to continue supporting the mortgage markets through bond purchases.
Demand for mortgage bonds pushes rates lower, so even though rates had crept up a little recently, they’ve dropped back down. In some cases, they may be even better than prior lows.
We’re finding that some owners who refinanced just last year are able to save money on another refi at today’s rates. We’re also helping buyers get into homes that were out of reach when rates were higher.
Is the timing right for you to take advantage of the markets?
Call us today at 860.426.2447 and we can discuss opportunities that may be available for you.