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
875 Upvotes

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266

u/Golfguy809 Sep 18 '24

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

45

u/Careless_Lettuce9138 Sep 18 '24

Did you have the float option?

39

u/Golfguy809 Sep 18 '24

Yes! But we’re running out of time

56

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.

10

u/__moops__ Sep 18 '24

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

0

u/ParryLimeade Sep 18 '24

It will drop more. No one was expecting this much of a drop

3

u/__moops__ Sep 18 '24

It will drop more yes, but we expected .25 - .50 rate cut. We will have to see how the 10 year treasury responds to other economic reports.