Well, the Federal Reserve FINALLY made its move to increase the federal funds rate by .25% point. This means that Prime Rate for most banks will increase to 3.5%. The bond and stock markets have been anticipating this increase. However, investors were unsure until the Feds actually made their move. The Dow Jones reflects, at this point in the day, investor relief, and has gained over 200 points. However, as we’ve discussed previously, when the stock market gains, it is usually at the expense of the bond market. The 30-yr bond is slightly off, which will reflect in upward pressure in tomorrow’s rates if the individual markets hold their current positions in tomorrow’s opening. We may begin to see rates creep upward in the next few weeks.
In the meantime, you may also want to refer www.nmmortgage.expert/ DailyRateLockAdvisory for this week’s thoughts of float/lock strategies. We always advise borrowers to play “safe than sorry”, but are happy to recommend safe “rate float” strategies. Although we send rates out on a weekly basis, rates change daily, and sometimes even more frequently. If you need up-to-the-moment pricing, please call for our latest information, which we will price specifically to your buyer and the property. We always appreciate the opportunity to be your trusted mortgage source. Call with questions or scenarios – for your buyers or sellers – without obligation.
Mortgages up to $3,000,000 (more by exception), other ARM Products & Interest Only programs are also available – Please call for Quotes
Ginger Bowe Sullivan
Mortgage Banker
A Division of DAS Acquisition Co, LLC
150 Washington, Suite 201
Santa Fe, NM 87501
Email: ginger@NMmortgage.expert
Website: www.NMmortgage.expert
Phone: 1-505-819-0086
Fax: 1-855-425-8888
NMLS#: 227262 / 204403