On Tuesday, the Federal Reserve left the key rate unchanged at 2%. Just a year ago, the Fed Funds rate stood at 5.25%, but with the economy weakening, the Fed cut rates. With all the negative news the past two days, the bond market was pricing in a 1/4 point reduction, and thus interest rates for mortgages came down this morning. The Fed did not cut, so those rates kicked up a bit in the afternoon.
Rates for a 30 year mortgage are still below 6% for A plus borrowers. If you have been considering a refinance over the past several months, and have sufficient equity in your home, now may be the time to refi. If you need a bank contact or mortgage broker, feel free to shoot me an email and I can give you some information.