Why Should One Consider Refinancing Their Mortgage Now? Refinancing a mortgage is a golden opportunity to lock in today’s low interest rate for the next 15 or 30 years. While interest rates now
No Change In Rates Just Yet
Over the past week, investors were mostly focused on Wednesday’s Fed meeting. The Fed statement was viewed favorably, and mortgage rates ended the week a little lower.As widely expected, the Fed did not raise the federal funds rate, but it did indicate a greater need for a rate hike. According to the statement, the case for a rate hike “has strengthened,” but Fed officials decided to wait for “further evidence of continued progress toward its objectives.” Three out of the 12 voting Fed members dissented from the decision because they wanted a rate hike to take place at this meeting. The unusually high number of dissenters illustrates the continued split between Fed officials on the appropriate time to raise rates.While it had little impact on U.S. mortgage rates, Wednesday’s meeting of the Bank of Japan (BOJ) also was closely watched by investors. The BOJ unexpectedly announced a change to its bond-buying program. In an effort to reduce long-term yields, it had been buying only long-term bonds. Yields in Japan on its 10-year bond have fallen to just below zero as a result. The BOJ will now begin buying bonds of all terms. Their stated objective is to try to boost inflation by keeping long-term yields near zero and pushing short-term yields even lower. Since this unconventional program has not been used in decades, investors are uncertain of the impact, if any, it will have on global bond yields.
David is a seasoned real estate professional, specializing in residential sales, rentals and investment properties. David is a 15 year resident of the New Jersey Gold Coast, with the local knowledge n....
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