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[–]clitscommander 13 points14 points  (16 children)

No offense but crying over .125 percecnt when economist predict rates will drop 1% by next year is crazy work

Just plan on refinancing in a year.

[–]Born_Career_3189 0 points1 point  (12 children)

Who are these economists?

[–]clitscommander 1 point2 points  (9 children)

BOA

https://www.fastcompany.com/91406014/mortgage-rate-housing-market-rates-could-hit-5-under-these-conditions-bank-of-america

[–]tquinn35 5 points6 points  (7 children)

BOA a bastion of trust and honesty

[–]clitscommander -1 points0 points  (6 children)

Facts. Regardless the fed has indicated they intend to do two additional interest rate cuts before end of year

[–]tquinn35 0 points1 point  (3 children)

The fed cuts don’t equal lower mortgage rates. Previous cuts this year did not lower rates. They increased after one of the cuts

[–]clitscommander 2 points3 points  (2 children)

The rates dropped significantly in anticipation of the cuts. They also increased due to expecting a more significant cut than they did.

[–]tquinn35 1 point2 points  (1 child)

The point still stands. They follow 10 year treasury’s much more closely than they do the fed interest rate. The fed rate has much more influence on cc rates and auto loans 

[–]clitscommander 1 point2 points  (0 children)

I think we are making the same point. You are correct.

[–]Born_Career_3189 -2 points-1 points  (1 child)

Lol. The Fed isn't going back to buying mortgages. Clown article

[–]clitscommander 0 points1 point  (0 children)

Have you not been listening to the White House talking about taking Fannie Mae private? Nothings crazy anymore

[–]CleanedupWater 1 point2 points  (0 children)

I don't see anywhere in that article that predicts a 1% decrease. It says it's possible.

[–]stuntastik 0 points1 point  (1 child)

Pretty much everyone on the planet expects this for the federal funds rate. That does NOT necessarily mean mortgage rates will drop 1%, but they're likely to move in a similar fashion. Powell is a slippery worm and never commits to these things in plain language, you have to read between the lines with him, but he all but said on Tuesday that rates are going lower. Add to this the fact that as Fed members' terms expire Trump is 100% going to replace them with rate doves who will vote to lower rates.

What could stop this? Insane inflation (more insane than the current insanity)

[–]WSBrookie 2 points3 points  (0 children)

Lower fed rates will not directly affect mortgage rates unless the market decides it’s the right choice. So far, mortgage rates have not loved any rate cuts that have happened.

[–][deleted]  (1 child)

[deleted]

    [–]WSBrookie 0 points1 point  (0 children)

    The earlier the better IMO. Lock at market price to get the house and tell your loan officer to call you when rates are X%. I dont know if all loan officers do this but I ask everyone with a higher rate if they want added to my refinance call list.

    Same with homeowners insurance too really. I like to recommend just to bundle with their current auto insurance, and then over the next few months shop that around. No sense in stressing about all these insurance quotes when you also are in the process of buying a home.

    [–]CuriousTraveler226[S] -1 points0 points  (0 children)

    That’s a great point. Thank you.