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But, I thought the FED dropped rates...

Good morning. 


This is going to be a common statement this week. The FED dropped the FED Rate by 50 basis points on the 18th of September. The whole mortgage world was supposed to get better, right? Wrong. When my clients and realtors call me and mention the FED dropping rates and how that is going to make mortgage rates better, I always remind them, while SOMETIMES mortgage rates can mirror the FED rate movement, often they do not. Look what happened over the last few days.

This is the Mortgage-Backed Securities Market as of this morning. When you see red bars, that's bad. Red bars mean mortgage rates are going up and they have gone up almost a point in the last week since the FED announcement. MORTGAGE RATES FOLLOW INFLATION, NOT THE FED. 


Those who have waited to lock in their rate on their purchase or refinance may have missed the bus this time around. A lot of refinances are going to be put on hold if the rate is not locked now...some purchase prequalifications might fall out of qualified status with the current rate environment.


If refinancing is on your mind, let's get your file and strike rate set up NOW so that the next time a refinance is available, we are ready to hit the button. These opportunities can be fleeting and fast. 


Here to support your financial success always.

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