What’s going on? Rates continue to hold steady
Once again, mortgage rates remain relatively unchanged for both this week and last. This is in part due to Congress having been on recess and the market having a short week last week for the Thanksgiving holiday. It’s very typical that rates remain steady during the holiday season.
That said, rates did increase ever so slightly yesterday, due to Fed Chair Yellen’s statement which pointed to “increasingly broad based” economic growth in the US.
What does it mean? The December rate hike is nearing
The December FOMC meeting will take place on December 12th and 13th, and a decision on the December rate hike will be announced shortly thereafter.
Why should you care? You might have one more item on your holiday list
With a December rate hike on the horizon, your window of opportunity to refinance with a lower rate could be narrowing. If you’re tempted to postpone until after the holiday season, you could be missing out.
Homebuyers, Winter could be your time to snap up the home of your dreams with dreamily low interest rates too.