Benchmark Title Company, LLC


The FED Rates Effect on Home Mortgages

John Howe

The FED Rates Effect on Home Mortgages

If you have a mortgage, or are anticipating buying a home and having a mortgage you should be paying attention to what the Fed has to say.

Recently the Federal Reserve decided to hold the short term interest rate steady, following a series of steady rate cuts, which normally signals a change in direction of lending rates, but the Central Bank had cut rates seven times since September in an effort to bolster the economy and spur economic growth. During that time mortgage rates were increasing. So what gives? And what should consumers expect loan rates to do next?

The Fed funds rate is often thought of as a benchmark to set rates paid by consumers on many types of loans, including real estate mortgages, therefore people often will expect the mortgage rates to decline. That is not necessarily the case.

To quote Eric Tyson, author of “Personal Finance for Dummies” Rates are set by market forces and they have been trading higher in part because of inflationary concerns and, because of Fed expectations. Sometime in the near future investors expect the fed rate to be increased; therefore mortgage rates have already begun to tick higher.

Rather than track the fed funds rate, fixed mortgage rates are more closely aligned with the 10 year treasury note. While the lagging economy has bolstered the yield on the 10-year note. It still remains at a relatively low level. Even as the fed leaves the rates unchanged, what they say about economic picture could influence consumer interest rates in one direction or another. The fed rate is important to pay attention to, but the it may not be a good idea to expect the rates to decline just because the fed rate has.

Since no one can predict what the economy will do, and how the fed will react, it is not a wise idea to make critical decisions based on expectations about what will happen with interest rate. Today rates are very good, in fact at the lowest they have been in a long time and holding relatively steady. So, if you are in the market for a house, or looking at re-financing for a better rate, NOW may be the time to pull the trigger.

Any questions can be directed to Benchmark Title at 618-239-3750. Please feel free to call or email:  

John Howe

Doreen Miller, Esq.
Vice President and General Counsel

Michelle Null
VP Escrow Operations

Bethany Bond
Marketing Director

Serving you from three convenient locations:

Main Office:
1124 Hartman Lane
Shiloh, IL 62221

Ph: 618-239-3750
Escrow Fax: 618-239-3707
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President: John Howe

318 North Main St.
Columbia, IL 62236

Ph: 618-281-9700
Fax: 618-281-9705
Manager: Randi Schur

4215 S. State Rte 159
Glen Carbon, IL 62034
Ph: 618-288-1695Fax: 618-288-1852
Manager: Sara Sowell

Benchmark Title is celebrating our 10 Year Anniversary!!!

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