Today, the Fed’s announced a cut in the Federal Funding rate by 0.25%. For a brief idea of what this move will and will NOT do to mortgage rates, check out the posts below. Remember, usually, DOWN (Fed Funds) means UP (mortgage rates) and UP means DOWN . . . look for mortgage rates to go up for now. Friday’s job’s report may give the bond market a little more direction for the coming weeks.
For a full and detailed article on the Fed news from today, go to this article in the AJC.