Hope you are having a great Holiday season!
As you may have heard, the fed raised the benchmark interest rate yesterday by 50 basis points, which is a significant drop off the 75 points they have raised the rate each of the last few months. So, what does this mean? Well, when the fed raises rates, that DOES NOT mean the rate on a mortgage is going up, and lending rates today have actually responded quite favorably to the news of slowing inflation and less severe rates hikes. I have included the below screen shot of today’s 30 year mortgage report so you can see the good news with your own eyes.
As always, we at RE/MAX Empire Properties are here for your real estate questions, so please reach out if you want to discuss in more detail.
