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46 - The Feds Next Move And What To Expect
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As eager Buyers start rejoicing at the news that the Feds are finally going to start initiating rate cuts, this episode covers what to expect and when to expect it.
According to Reuters, "Federal Reserve policymakers on Friday signaled they are ready to kick off a series of interest rate cuts at the U.S. central bank's meeting in two weeks, noting a cooling in the labor market that could accelerate into something more dire in the absence of a policy shift."
The reality is that if and when the Feds lower the interest rates, it won't have the exact effect on mortgage rates. If the Feds make a cut of, as expected, 25 basis points, it won't correlate to an equal cut in mortgage rates. In fact, and hopefully this isn't too disappointing for listeners, most of the anticipated rate cut has already been factored in to the current lowered mortgage rates.
Mortgage rates work similarly to gasoline prices. Gas prices don't go up or down based on what happened that day, most of the time it is anticipatory in nature. If there's trouble ahead, or a shortage, gas prices start elevating.
John explains further in this episode, so tune in and learn more.
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