There's so much speculation in the market with the talk of the Federal Reserve rate cut. Here’s what Mike Hendrickson, Sr. Mortgage Consultant at U.S. Bank, had to say:
Mortgage pricing is not tied to Fed action. This may come as a surprise to many who mistakenly believe that Fed rate cuts are immediately tied to mortgage rate pricing. That correlation is untrue. See, the Fed rate cut yesterday of .25% (25 Basis points) does not equal a mortgage rate cut of 25 Basis Points.
Continue reading Mortgage Pricing Not Tied to Fed Action.