In this episode of Today in Mortgages, Michael and Rich discuss the latest good news in terms of rate cuts and policy.
Fed chair Powell announced a .25 point basis cut in the Fed funds rates! But they also said "we are far from a decision to cut more in December" leaving everyone guessing.
With the government shut down, Powell wants to be certain before he makes a decision. Currently we have slower job growth and continued elevated inflation. Their target inflation is 2% but we are still at 3%. Reminding us, that just because the Fed fund rate went down, doesn't mean our mortgage rates are going down.
Shifting gears to policy, today's article is from Housingwire.com "Pulte says LLPA fees under review, signals relief for borrowers." The FHFA director has suggested changing LLPAs, if son, we could see immediate improvement in rates. They added a lot of these adjustments in 2023, and they do make a differences in getting loans. changes to these LLPAs could help people with low FICOS, and those with Higher FICOS but lower down-payments.
Listen in as we discuss this and more!
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Today in Mortgages is produced by Network Funding, LP, which is an equal housing lender, NMLS# 2297.*
The content of this program is meant to be a commentary on mortgage and real estate news and any discussion of rates and/or products should not be taken as individual mortgage or home buying advice or pricing estimates. Any commentary on this show should not be considered a promise to make a loan. All applicants for a loan must qualify, and you should consult a professional regarding your individual loan scenarios for your financial situation.
Visit our website at https://nflp.com/licenses for all state licensing and other legal information.
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Today in mortgages is produced by Network Funding, LP, which is an equal housing lender, NMLS# 2297. Corporate office located at 10370 Richmond Ave. Suite 900, Houston, TX 77042.
The content of this program is meant to be a commentary on mortgage and real estate news and any discussion of rates and or products should not be taken as individual mortgage or home buying advice or pricing estimates, and any commentary on this show is should not be considered a promise to make a loan. All applicants for a loan must qualify and you should consult a professional regarding your individual loan scenarios for your financial situation. Visit our website at nflp.com/licenses for all state licensing and other legal information.
