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Rates Begin a Slow Rise

Average Interest Rates Mortgage rates are beginning a slow rise. After Federal Comments and over hedging, we are seeing a natural rebound after a cut. *Conv - 30Yr FRM – 6.26% Rising *Conv – 15Yr FRM – 5.41% Slight Rise FHA Down Payment Assistance: 6.00% *Note includes 20% down and discount points Rates Begin a Slow Rise The trend from last week is continuing. What feels like opposite day has now turned into opposite week. After the Federal Reserve has announced their 25-basis point cut to the overnight lending rate, we have now seen interest rates rise approximately 0.25% since their lowest point. In the mortgage world this is a natural rebound in response to lenders over hedging bets. To be more competitive, lenders will cut interest rates beyond expectations. The sad part is, when the Federal Reserve announces a rate cut Lenders tend to raise mortgage rates, most people will be none the wiser. After all, most buyers are waiting for the literal moment when the Federal Reserve lowers rates before they enter the market. The savvy home buyer will understand the relationship between mortgage rates and the overnight lending rate and begin shopping one month before the actual change. This will yield them the greatest chance for the lowest interest rate of that time frame. The big question now is, “Will we see two more rate cuts in 2025?” General sentiments from the Federal Reserve members is that we will probably see one more cut, but until more data comes, they cannot be certain. On Friday, the 26th we will get inflation numbers. The following week on Friday October 3rd we will get jobs numbers. Both data sets will provide us with a better understanding of the market’s future. For now, we will see a slow rise Until better data appears. Realtors: Everyone is talking about Refi's in the mortgage world right now. We agree there is going to be a lot of opportunity coming on that front very soon and money to be made. I wanted to get a message out to all our Realtor Referral Partners who have supported and continue to support us! This isn’t our first rodeo... our promise to you from everyone here at Homestead Mortgage is that you will not be forgotten. We saw ALOT of mortgage companies and Loan Officers forget where they came from during the COVID Refinance boom. What did that look like? Well.. Loan officers... • Were too busy to answer their phone • Got pompous because they were making money • Forgot that Realtors were the driving force behind their business • Decided to only focus on the "good" business Through that experience, we saw many people in my business think they had it all, it was never going to end, etc. But the reality is, many of those same people are not in the business anymore. The moral of the story is that they forgot how they got there in the first place. They stopped taking care of the people who got them there in the first place They stopped checking in on their referral partners They alienated purchase clients in their database to chase quick money and missed closing dates They thought it would never end, BUT IT DID So, here's Dale & Naor's commitment to every referral partner that has supported Homestead Mortgage in the last 40 years, we will still fight hard for you, make sure your deals close on time, and we will never let quick money replace our relationships!