For the rest of us, what what will the Fed rate cuts do?

It will help prevent Mortgage Backed Security Bonds (which is where fixed rates mortgages come from) spreads from widening further to Treasury yields. It will help keep mortgage rates in a happier zone under 4%. It will pave the way to a return to low 3% in the coming weeks.

Many other things are affecting interest rates these days, the biggest one being fear. Here is a graph of mortgage rate movement the past three months, and you can view current averages at JoeMetzler.com/rates

Dark Blue 30-yr fixed
Purple FHA 30-yr fixed
Light Blue Jumbo 30-yr fixed

Due to current conditions, lender pricing is erratic and unpredictable.

Mortgage rates are not likely to fall back immediately, but will likely come down again sometime in the future. Consider locking your loan if you are OK with rates right this moment, especially on any short-term windows before a purchase closing.

If you are looking to refinance and have a little time, I am advising all me clients to get their applications in, as we project low rates will return sometime later this year, allowing you to get some ob the best interest rates ever.

Hope I’m right, and only time will tell. be safe everyone.

Equal Housing Lender. NMLS 274132