Happy Thursday – For this week’s video I want to discuss interest rates. If you watched the news yesterday, you saw the Fed raised the Fed Funds Rate by .5%. I have sent several videos on this, but the fed funds rate is not the mortgage interest rate. It is the rate at which banks borrow money from each other overnight.
Interest rates have actually been going down and are in the high 5’s to low 6’s for most scenarios. Interest rates are directly affected by inflation and the last 2 inflation reports have shown inflation cooling off, so rates have been getting better. I have spoken to several people lately that think rates are in the 7’s still so I wanted to share this information. Please pass along to anyone you know that is looking at homes right now.
I hope everyone enjoys the holidays with their family. We will be available if you need anything at all.
Cornerstone Mortgage Group
Georgia Residential Mortgage Licensee: 21412 • Company NMLS: 147913 • Individual NMLS: 147938