Home interest rates
My daughter is at the point in buying a home that they can lock in their mortgage interest rate. When do the feds update the mortgage rates? Is there a set date and month?
Terry Says
The government doesn’t set mortgage rates (except for VA loans). Banks do. And we will see with tomorrow’s CPI inflation number whether the Fed is likely to raise central bank rates again soon. that would push mortgage rates higher. Eventually, they will come down — but not until the economy slows. If she takes out a mortgage now, and rates drop, she can always refinance. Look for that option — a no-cost refi — when seeking a mortgage.
