Are rates dropping again?
Well the early indications are good that rates are beginning to lower. They have remained constant over the past few months, with a few dips. But last week 30 year fixed dropped under 6.25%. Another indicator was that the Federal Reserve isn’t planning on increasing the funds rate. The benchmark rate that the Fed has increased over the past 2 years. So it could mean rates will remain where they are and might drop a little over the next few months.
This is good news for anyone looking to purchase a new home or refinance out of an Adjustable Rate Mortgage. Unfortunately for those trying to refinance their property values might not be as high as they were 9 months ago.
