CHICKEN LITTLE -- The Fed is Meeting!!!
No rate worries, Henny Penny!
Mortgage advice comes in every flavor under the sun. Take the Federal Reserve March 2017 Meeting dire predictions and worries for example. That's the reason for the Chicken Little/Henny Penny reference.
Let's follow the comments of John Meussner - Loan Originator in CA, CO, DE, FL, GA, MD, NJ, PA, TN, TX, and VA for this topic:
"Today is another example why you can't listen to most "professionals" -
those fear mongering you into buying a home now "before the Fed raises rates!". The Fed raised rates today, and as I expected, mortgage rates are improving dramatically. If anyone tells you the Fed will cause your mortgage rate to rise,
rest assured they're more worried about their own wallet than yours.
"Instead, work with someone that knows the markets, has real insight on rates
and their direction, and will be honest with you so when you're ready to buy, you're prepared and can rest easy that you'll get the best financing available.
"Yes, rates are moving up. That's not a reason to rush a decision as big as a home purchase." JMLoans team at Mason McDuffie
John received replies to his thoughts, for example:
"Expectations of future changes to borrowing rates (fed funds, LIBOR, prime,
etc.) are all already "priced in" to all debt instruments, including mortgages.
The only change to consumer-level rates is that a probable increase to the fed funds rate became a certainty--an effect that will be dwarfed by other market forces on any given day. " Kevin McDonald
"Correct. The only thing that cant be factored in is the immediate reaction to an event. The increase today was largely expected, but bonds could have shrugged it off as "meh, we knew it was coming", but instead they're seeing a nicer surge today than expected."
And a compliment from Jeff Dowler -
"Right on, John, for clearing up this misconception."
No time like the present to look for your new home!
Just do so carefully and live happily ever after!
Remember One Important Thing- Mortgage Preparedness.
The Spring 2017 Market continues with a "shortage of inventory". That's real estate speak for more people looking to buy than there are homes for sale - whether houses or condos!!!
Here are some links with Mortgage Information for you:
At Atlanta Homes ODAT Realty, we are ready to assist you with Concierge Level Service - to SELL your home or to find a wonderful home to BUY. Call/text - 404-939-2727.
Dollar images courtesy of Jack Cai.
Jody Bruns, CDLP, CMMU Ricki Eichler McCallum Joe Gonzalez