Fed Raises Rates, Mortgage Rates DROP!!!!
For years, this story is falsely reported over and over.
I have said this a zillion times. The FED does not directly control mortgage rates. Today, they raise by .25 and mortgages dropped.
You’ll see a news agency today tell you that the Fed raised rates so mortgages rates will go up.
Bullshit. Look at today:
Stop listening to the Fed if you are interested in rates. They only control the rate that the member banks can borrow from them at. But, nowadays, there are non-banks that raise money. The banks are NOT the first place to look for financing. So, it does not matter as much what the Fed does like years ago.
OK, that’s enough. Back to searching for a solution to health care and the Trump tax returns.
P.S. at 3:05PT, my lender that gave .25% more in yield now added another quarter. Bottom line, if you locked it at 4.00% with 1 point yesterday, you could have gotten 4.00% at 1/2 a point (1/2% of the loan amount- on a 500K loan, thats $2500!).