"The train is leaving the station on mortgage rates." -Jim Cramer (CNBC), August 9, 2021
Are you thinking about purchasing a home or refinancing your current loan? If so, I want to make sure you understand why today is a great time to move forward.
Interest rates are historically low, thanks in part to the Fed's buying of Mortgage Backed Securities (MBS). But recently, the Fed has been under pressure to purchase less MBS or stop purchasing altogether which would immediately send interest rates higher.
This week alone the Kansas City and San Francisco Fed Presidents Esther George and Mary Daly joined eight other regional Fed Presidents, Bullard, Evans, Kaplan, Waller, Rosengren, Bostic, Barkin and Quarles in publicly voicing their support for tapering. That means 10 of 18 members of the Federal Market Committee (FOMC) have come out publicly in favor of tapering, seven of whom are voting members! Most believe the Fed should begin tapering as soon as September. Which means mortgage rates may soon begin to rise*.
Contact me today before the train of low mortgage interest rates leaves the station for good!