Some people have asked us how they can get in on the 0% mortgage rates.Unfortunately, the Fed rate cut to 0-.25% does not mean mortgage rates are going to be 0%.This is basically the bank to bank
Some people have asked us how they can get in on the 0% mortgage rates.
Unfortunately, the Fed rate cut to 0-.25% does not mean mortgage rates are going to be 0%.
This is basically the bank to bank cost for borrowing to get cash moving in the economy.
It might have an affect on auto loans or credit cards, but not necessarily mortgages.
Banks are at capacity with refi's and mortgages from rates being so low in the last 2 weeks. So at the end of this past week rates went up a little - to slow demand.
Furthermore, banks won’t be in business long if mortgages were at 0%. They would need a major bailout. We might see rates get lower than they are now, but 0% is unlikely.
Just like it’s unlikely I’m going to sell houses for 0%. We all need to make money.
I’ve seen several posts locally that look like people think they should or will refi at 0% and just wanted to share to clear up any confusion - and so you don't miss any opportunites!
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