Mortgage News Daily reported that mortgage rates came down today, Jan 30th, reflecting the decision of the FED to not change the interest rates.
Fed officials said Wednesday that they voted unanimously not to raise the benchmark federal funds rate in January, after having hiked it by 25 basis points a month prior.
Greg McBride, Bankrate.com chief financial analyst said: “Borrowers still need to operate under the assumption that rates will rise further in 2019.
So use this as an opportunity to keep paying down debt, refinancing into fixed rates or grab
The Fed theoretically could still raise interest rates this year, meaning that January’s announcement could just be an indication it’s taking a wait-and-see approach based on the state of the economy.
Mortgage rates may change further depending on the announcement of Friday’s monthly employment report. A strong report will imply additional workers with more capacity of spending and investment, pushing the mortgage rates up.
Sources:
• Mortgage Rates Fall to 3-Week Lows After Fed http://www.mortgagenewsdaily.com/consumer_rates/897397.aspx
• So the Fed left interest rates unchanged, but what does that mean for you? https://www.marketwatch.com/story/5-things-consumers-should-watch-for-now-that-the-fed-has-not-raised-rates-2019-01-30