05/02/2024
As anticipated, the Federal Reserve has chosen to maintain its current policy rates during its latest meeting. Here's what you need to know about what lies ahead:
Are Rate Cuts Still on the Board for 2024?
In March, Board members projected three policy rate cuts in 2024. At the May 1st press conference, Chairman Jerome Powell reaffirmed the Board's commitment to reaching 2% inflation. However, given current data, the Board expects achieving this goal to take longer than previously thought. Powell affirmed that future data will determine when and if cuts are made in 2024.
Should you wait to buy, refi or access equity?
It's important to note that mortgage rates often respond to demand for mortgage-backed securities, and investors frequently act in anticipation of Federal Reserve decisions. This could mean that you have an opportunity to secure lower rates before any official Fed actions take place. A qualification consultation or even a pre-approval is a great place to start when you're ready to make a financial move.
Explore Your Options
We understand that navigating the current economic landscape can be challenging. That's why we offer a range of programs designed to help you make informed decisions. Whether it's a hybrid ARM with a lower initial rate, fixed-rate buydowns, or HELOCs, we have solutions to fit your needs.
To provide added peace of mind, our offerings include features like our 110-day lock & shop program, long-term locks extending up to 350 days, and overnight rate protection, ensuring that you have the flexibility to lock loans even after hours, including weekends and holidays.
Pattie Brogan
Loan Officer
NMLS 274898
Mobile: (757) 409-3100
onepresidentialmtg.com/Pattie.Brogan
