The Fed Holds Rates
The Feds Hold Rates. As anticipated, the Federal Reserve has chosen to maintain its current policy rates during its latest meeting. Here’s what you need to know about what lies ahead:
What changed in the Fed’s statement?
While the Fed’s statement indicates the Board was encouraged by moderating inflation, it pointed more strongly to the importance of its employment goals as well. It noted that the unemployment rate has moved up, though it remains low. As always, the statement said future data will determine when and if cuts are made in 2024.
Should you wait to buy, refinance, or access equity?
Here are three factors to consider in your decision:
- You may be able to land a better rate even before the Fed acts. Mortgage rates often move in anticipation of Fed policy rate changes or in response to other news.
- A Fed rate cut could usher in more competition and higher house prices. Purchasing now at a slightly higher rate and lower price could be a less expensive option.
- Getting started now with a pre-approval can put you at the starting line when you’re ready to make a move
Explore Your Options
We understand that navigating the current economic landscape can be challenging. That’s why we offer a range of programs designed to help you make informed decisions. We have solutions to fit your needs, whether it’s a hybrid ARM with a lower initial rate, fixed-rate buydowns, or HELOCs.
To provide added peace of mind, our offerings include features like our 110-day lock & shop program, long-term locks extending up to 350 days, and overnight rate protection, ensuring that you have the flexibility to lock loans even after hours, including weekends and holidays.
Milton Hall 8/1/2024
