The Federal Reserve Open Market Committee (the Fed) just took an unusual step in an effort to restore calm and provide market stimulus among coronavirus-spurred volatility—they cut policy rates by a half-point.
It's sort of like they're saying, "We see you're worried. Here's a little something to help."
The Fed rate cut does not directly impact mortgages. In fact, mortgage rates had already fallen in reaction to stock market losses.
What does the move mean for you and your existing or planned mortgage?
Rates have just recently reached historically low levels, so it's a great time to take advantage. Locking in a low rate to purchase or refinance can pay dividends for decades to come. Essentially, you'll be establishing a comparatively low cost of housing for as long as you keep your loan.
Wondering what you could save with a refinance? Check out our handy calculator here. Keep in mind that this won't be 100% accurate to your unique situation, but it should give you a good idea. The best way to get the most accurate information about the mortgage rates you qualify for is to reach out today to connect with your favorite radius Loan Officer.
Don't hesitate as mortgage rates can rise at any time! You may very well have questions, and that's good. We have answers to help you decide what's best for you.
If you are currently working with, or have worked with a radius LO in the past, click here to find their updated contact information!