Latest News ⛈️
As of this writing, rates are back in the high 7% Range. The Federal Open Market Committee agreed to “pause” further rate increases this month. Not quite "Happy" Halloween news but this definitely ranks as less than the spooky un-easiness we've been dealing with.
Every 2 weeks - we're talking about what is happening in the news, with rates and more. We explain the complexities of the mortgage industry in ways that are easy to understand.
A Little Background 🏛️
Interest Rates are dependent on the economy and inflation. The Federal Reserve monitors various factors with the primary goal to reduce inflation. The Federal Open Market Committee (FOMC) met September 19-20, and for a change, they did NOT raise benchmark interest rates. This is only the second time that there has been NO rate hike since March 2022. For now, the benchmark short-term rate remains at a 22-year high of 5.25% to 5.5%.
On the Horizon ☔
The committee will meet again TOMORROW - from Oct 31 to Nov 1, 2023 with their last meeting for the year in December. The economy appears to be showing some signs of slowing so the hope is that we will not see an increase in rates again prior to the end of the year. Let’s cross our fingers for this 🤞
My Forecast 🌡️
Remember what goes up will come down – 2024 will bring us the answer as to how low. So, instead of focusing on the doom and gloom – let’s look for the silver lining to move forward… 🌥️
🏡 If you want to purchase a home...
If you want to purchase a home – Don’t give up! Research is showing that the down payment is the single largest barrier to first time homebuyers attaining homeownership. Potential buyers should reach out to discuss all the new down payment assistance programs available in their area. Many of these programs are available to ALL homebuyers, even if you have owned a home in the last three years.
We have a unique new program which requires only 1% of the purchase price as the down payment. (example - just $5,000 down on a $500,000 purchase) If you want more info, let’s chat! ☎️
💳 If you currently own a home...
If you currently own a home but are struggling with the higher credit card debt payments as well as higher gas prices at the pump, we should chat and run the numbers as to whether a refinance at 8% would keep your monthly debt manageable and save you $$ in payments. Remember, you can refinance when rates come down. Continuing to get into more debt just to preserve a low mortgage rate may not be as financially smart as you think. Let’s chat! ☎️
And of course, you can always ask me questions at - Toni (at) toniryan.com
ABOUT THE AUTHOR
Toni F. Ryan | NMLS#230507
Senior Loan Consultant
Peak Residential Lending
Toni F. Ryan has over 25 years experience in mortgage lending - both on the wholesale and retail levels. She believes that education is key to making the best decision for YOU! She shares her insight into the lending world here and encourages your feedback. Don't forget to connect on Facebook - Instagram and TikTok