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Did Interest Rates Go up .75% Yesterday?

Happy Thursday – I hope you are doing well. For this week’s video I want to discuss the fed meeting yesterday. The Fed did raise the Fed Funds Rate by .75% but this does not directly affect mortgage interest rates. The Fed Funds Rate is the interest rate that banks charge each other to borrow or lend excess reserves overnight. This directly affects the interest rate on your credit card, car loan, HELOC, etc. Mortgage interest rates are continuing to go up right now due to inflation and believe it or not, the Fed raising the fed funds rate is going to be good for interest rates long term because it will bring down inflation. I think we can expect rates to remain volatile and potentially go up short term but do expect to see them drop once we get inflation under control. I hope this helps and want to share a book with you this week. I find that a lot of people are stressed right now including me. I read this book and it helped my mindset, so I wanted to share it with you. I hope you enjoy the book and as always please let us know if there is anything else we can do to help. Weekly Newsletter

Stewart Sadler Managing Partner Cornerstone Mortgage Group ​ Georgia Residential Mortgage Licensee: 21412 • Company NMLS: 147913 • Individual NMLS: 147938

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