Mortgage News
If fed cut rates, would mortgage rates also go down?
I know the mortgage rates is correlated to the 10 yrs note rate. But what about when u hear about fed cutting rates. Does that also affect the mortgage rates? I heard on the news that the fed will cut more rates because of a fear in recession. So if fed cut rates, would mortgage rates also go down? What else affect mortgage rates beside the things I mention above?
When the Fed cuts prime rate it has no directo correlation to mortgage rates. To go one step further, depending how the investors on wall street view the FEDS decision it could make rtes swing either way. Example, last time the Fed cut rates, the investors wanted a 1/2 opint cut, they got a 1/4 point cut, mortgage rates went up. There are alot of different variables that effect mortgage rates, employment reports, oil prices, etc. And to a certain extent what blows up in the Middle East on any given day. As a general rule, a cut in the Prime Rate effects, HELOC’s, credit cards rates, and auto loans.
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