The bond market extended its positive reaction to yesterday’s Fed announcement of keeping the rates the same. This cause Mortgage rates plunged today.
Mortgage News Daily reported FHA 30-Year Mortgage Rate was 3.60%, the Conforming 30-Year Mortgage Rate reached 3.79% and the Jumbo 30-Year Mortgage Rate was 3.85%.
The Fed confirmed the market’s suspicion that rate cuts could be warranted in 2019. The traders were willing to push rates even lower than they already had in advance of Fed day.
This is a great opportunity for home buyers to lock rates for those who already opened escrow before closing the deal. And for those thinking about buying a home, my suggestion is to talk with your lender to get a pre-approval now. Due to the low mortgage rates, you can qualify for a higher home loan.
If you don’t have a lender, give me a call at (323) 942-9347 and I will help you find the best lenders in your area.