Eagles,
It's that time again - Federal Reserve Open Market Committee meeting!
The Fed today will begin a regularly scheduled two day meeting. The meeting will wrap up tomorrow and an announcement of the Fed decisions is released just at its conclusion. This announcement is expected around 2:15pm tomorrow.
Typically, after these announcements, we see our mortgage interest rates rise, for the short term. If you remember the last couple meetings, we have seen some surprise announcements from the Fed that were geared to prop up the real estate industry. Since we are beginning to see some recovery in our industry, and with the current level of stimulus and other plans in the works the Fed and Government has put in place, I doubt we will see any major announcement that would have our mortgage rates fall.
But the Fed has surprised me in the past.
Bottom line, if you have a buyer who has not locked in their loan, it may be advisable to have them talk to their lender, and lock in. There is an elevated risk for higher interest rates tomorrow afternoon.
Please let me know if you have any question or comments.
Thanks,
Chuck
