Yesterday brought the first Federal Reserve (Fed) rate cut since 2008. The Fed lowered the Fed Funds Rate by 0.25%, a move made in an effort to stimulate the economy and reduce the risk of a recession. It would be great if this meant mortgage rates also dropped today by 0.25%, but it doesn’t work that way! The Fed telegraphed this move back in June, and that’s when mortgage rates dropped sharply to their lowest levels in several years. Today’s official announcement was anticlimactic from a mortgage rate perspective as the move was widely expected, and mortgage rates are unchanged this week.
The stock market didn’t take too kindly to the Fed’s post-announcement news conference as the Dow finished more than 300 points lower. Investors were disappointed the Fed did not suggest that a second rate cut this fall was forthcoming, and if that belief continues the Dow may fall further and we may actually see mortgage rates increase slightly in the near term. If you obtained a mortgage in the last two years it is very likely that currently available rates are much lower, so we definitely suggest you explore your refinancing options while mortgages rates are still low.
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