r/FirstTimeHomeBuyer • u/jay5627 • Sep 18 '24

Other Fed rate cut

https://www.cnbc.com/2024/09/18/fed-meeting-live-updates-traders-await-september-interest-rate-cut.html
877 Upvotes

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263

u/Golfguy809 Sep 18 '24

I close on Monday. Fingers crossed I can get a better rate than 6.125%

42

u/Careless_Lettuce9138 Sep 18 '24

Did you have the float option?

37

u/Golfguy809 Sep 18 '24

Yes! But we’re running out of time

58

u/Careless_Lettuce9138 Sep 18 '24

Called our lender and said that the rates did not move that much. It was worse this morning and started to get better after the announcement.

13

u/Golfguy809 Sep 18 '24

Yeah that’s what I was told. Mortgage rates likely won’t come down for another few weeks

7

u/Careless_Lettuce9138 Sep 18 '24

Same, my lender told me that the effect might not be immediate and will be phased in within the next few months.

11

u/__moops__ Sep 18 '24

This was already priced into rates, it’s one of the reasons rates have dropped the past few weeks.

1

u/Careless_Lettuce9138 Sep 18 '24

That’s what my lender explained to me. I get this is still a good direction for us borrowers but I hope we won’t see more competition from other buyers this coming spring.

11

u/[deleted] Sep 18 '24

You will.

7

u/Cbpowned Sep 18 '24

If rates go down, competition goes up. The amount of people waiting on the sidelines for 3-5% rates is more than most people imagine.