Good Morning
Once again, interest rates are holding steady, the 15 year fixed has dropped a little more but that’s about it.
The news that we have been watching was the carefully chosen words from the Federal Reserve yesterday when their meeting minutes were released. Their seems to be a growing sentiment that if the economy continues to crawl and unemployment keeps as high as it has been that they may feel a need to take more action as early as the beginning of next month, their next meeting.
What does that mean for interest rates? At this point it is anyone’s guess as to what action will be taken and how the market will react to that action. Historically, we’ve seen this result in immediate rises in conventional mortgage rates, my belief is to plan for the worst and hope for the best…we are still in an unpredictable and strange market climate, the past isn’t necessarily predicting the future…all we can do is hold on and see where this crazy train takes us.
Have a great week.
Rates: 30 year fixed at 4.25% and the 15 year at 3.625%, FHA: 4.25%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing
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