A Special Message about Mortgage Rates from Fairway Mortgage

With the interest rate cut from the Fed it would seem that everyone can now refinance or purchase a home with zero interest! However, it is not quite that simple. Below we share information to help you better understand what the market, and therefore rates, are actually doing.
Here are a few fast facts to help you understand, courtesy of Mortgage News Daily:
• You can’t get a lower rate right now just because the Fed cut rates again
• If you didn’t check on Friday afternoon, rates got a lot higher than you may have realized.
• You CAN, however, probably get a lower rate at some point in the coming weeks thanks to the Fed’s reinvigorated mortgage bond buying efforts
• Lower rates aren’t immediate or guaranteed, so make sure your originator has what they need from you in order to lock it when and if your desired rate becomes available.*
(*Here is a link to basic documents to have available when discussing a mortgage or refinance. Depending on your situation, other documentation may be needed).
For more in-depth information, please read this article:
If you have any questions or concerns, we are here to help.