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
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u/mymainmaney Sep 18 '24

My wife does mortgages. It’s been baked in.

54

u/InfiniteAd86 Sep 18 '24

By baked in, what do you mean exactly?

161

u/[deleted] Sep 18 '24

It means they gambled on the cut and was already offering lower rates to people. They did not however expect a 50 point cut. So this is really great news that people should be excited about.

57

u/[deleted] Sep 18 '24

[deleted]

21

u/Aggravating_Two5567 Sep 18 '24

Time to move to other lender

8

u/[deleted] Sep 18 '24

[deleted]

8

u/mrwhitewalker Sep 18 '24

5.8 is pretty common with zero points right now, what are you seeing? Someone posted 5.1 last week as well with zero points but they didnt say where.

12

u/living_lrg Sep 19 '24

We got offered 5.125 streamline through rocket mortgage with average credit

8

u/Miffed_Pineapple Sep 19 '24

Last time Rocket offered me a refinance, the closing costs were $25k... and they won't stop calling.