Mortgage Watch Report

By Uncategorized September 28, 2024

Mortgage Rates are 100% NOT lower this week! On September18, 2024, the Federal Reserve announced a 50-basis point (bps) interest rate cut, marking the first reduction in four years. This move, just before the presidential election on November 5, was highly anticipated. However, the impact on mortgage rates has caused some confusion among borrowers.

**The Real Impact on Mortgage Rates**

Following the Fed’s announcement, media headlines were flooded with news about mortgage rates dropping to the “lowest in two years.” Naturally, this led many borrowers to think they could now benefit from even lower rates. But here’s the catch: mortgage rates had already dropped to their lowest levels in over a year and a half **before** the Fed made their move.

**A Common Misunderstanding**

Many borrowers who waited for the Fed’s decision are now reaching out to loan officers, thinking that the rate cut means mortgage rates have dropped even further. In reality, the best rates occurred the day before the Fed’s announcement, leaving those who waited feeling like they missed out.

The Bottom Line: Today’s mortgage rates are still excellent—especially compared to just a few months ago. In July, the 30-yearfixed mortgage rate was above 7%. So, while rates may not have dropped dramatically after the Fed’s cut, they remain incredibly favorable for buyers and homeowners considering a refinance.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOURCE & AUTHOR |

Keith Murphy Branch Manager – Essex Mortgage NMLS #330827

Direct: 714-309-1140

Apply: www.GoTeamMurphy.com

About the Author
Tim Morissette, REALTOR®

Tim Morissette, also known in the community as Mr. Foothill Ranch, offers over 46 years of real estate experience which has given him an established reputation and unmatched market knowledge. He is joined by his wife, Michele and sons Matt and Jeff, as they continue to offer personal service with an emphasis on achieving his clients’ real estate goals.  This unique combination of traits has led to his proven track record of referral and repeat business. This can be witnessed by the trust of homeowners in Foothill Ranch where he has sold twice as many homes and represented three times more buyers than the next-leading real estate agent for the last 26 years.

As residents of Foothill Ranch since 1994, Tim and Michele are actively involved in the community by fundraising for Foothill Ranch Library, Make-a-Wish Foundation, Cancer Society, Homes for Habitat, Relay for Life, South County Outreach, and the local church and schools. Tim enjoys sponsoring community-wide garage sales, paper shredding and e-waste recycling event, an Easter egg hunt, & a Meet Santa Event.

Tim and Michele are dedicated to their family of four sons, daughter-in-laws, and grandchildren. As a family, they enjoy many outdoor activities which include camping, spearfishing, mountain climbing and exploring the miles of hiking and equestrian trails in Foothill Ranch and the Whiting Ranch Wilderness Park. Tim and his sons are also avid snowboarders and enjoy mountain biking and lobster diving. Family is a top priority in the Morissette household. They look forward to helping more families achieve their dreams of homeownership.