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FED CUTS RATE .25% versus .5%, is this good?

FED CUTS RATE .25% versus .5%, is this good?

The fed cut their rate by .25% , however they (bond traders) were looking for a .5% cut. This is a breather for bond traders, and not pushing hard on the inflation button. This has so far been good for the mortgage market that has had higher rates in the last week. We will see if this is a knee jerk reaction or if the mortgage rates can sustain from the news of the Fed’s decision to cut rates.

What this means , is if you have a Home Equity Line of Credit it will go down .25% from where it is. This might only be in tact for a portion of your current billing cycle (as HELOC’s bill like credit cards). Look for it on your next statement~

Ray

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Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.

387 N Corona St #646, Denver, CO 80218.

NMLS Unique Identifier #1838215

Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

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