Renae Stucki Realtor gathered this information from Mortgage News Daily. We’re surprised to learn mortgage rates shot higher today at the fastest pace of the year right after the Fed forecast suggested the Fed Funds Rate might be rising sooner and by more than expected. Although the rate isn’t directly tied to the mortgage rate, the two normally move together.
That was the case today and the problem was compounded by the fact that markets weren’t expecting the changes. At least not in the way the Fed predicted.
There’s a saying among traders, “Never trade on a day when Bernanke is speaking.” Of course, these days, it’s Janet Yellen rather than Ben Bernanke, but it still a true statement that Fed announcements can greatly influence stocks and mortgage rates.
This makes things harder for local buyers to qualify for loans. It does effect Southern Utah and once again, we cannot urge our clients more strongly then ever to start the process now if you’re planning on buying a home.
Call Renae Stucki today and set up your appointment. Let her help you determine what you can pre-qualify for. What are you waiting for? Make your dreams come true today.
