The FED has lowered interest rates!
And it has absolutely nothing to do with mortgage rates.
Sorry to be “the one” to tell you…
In fact, the federal funds rate has nothing to do with (directly) the rates on ANY of your accounts as a consumer – cars, credit cards, student loans, savings accounts, etc… It is the rate at which banks borrower money from each other overnight. Hundreds of millions and billions of dollars move while most sleep. Explaining this is of an entirely different blog post…
Another item to note is that the rate going down was expected by most. This means the impact on the “market” that does start to drive YOUR rates was already included.
Is it a good time to buy? Sure. Is it a good time to refinance? Sure. How do you know???
Call me… We can talk Fed rates…if you want.