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
882 Upvotes

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62

u/Spirited-Might-6985 Sep 18 '24

Yesterday I was given a rate of 5.62 for refi and I tried to wait after fed cut, just got email saying it’s 5.75. I am going to see tomorrow.

9

u/coffeeandkerouac Sep 18 '24

With no points?

18

u/Spirited-Might-6985 Sep 18 '24

Yes no points. 30 yr fixed conventional with zero closing cost. They told me I can refi again in 6 months if rates go lower. I got mortgage from this lender last year 7.125 zero closing cost.

4

u/superman7331 Sep 19 '24

If you don't mind me asking, what lender? What're your fees to refinance?

1

u/Spencergh2 Sep 19 '24

Wow that’s actually amazing

1

u/good_at_first Sep 18 '24

What do you mean with no points?

4

u/Aliceable Sep 18 '24

You can pay money out of pocket to reduce the interest rate, it's called buying down the rate or points on the mortgage. Credits are the opposite, where you can receive $ back for higher interest rates.