Are Mortgage Rates Going Down Since The Fed Lowered Rates? Addressing Client Misconceptions [Forbes]
Wells Fargo & Company (WFC)
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Source: Forbes
getty I've been a commercial mortgage banker for the past 27 years. In August this year, I called a client to advise him to lock the rate on the multifamily loan we got approved for him. “Rates have dropped the lowest today in over a year,” I told him. “You really should rate lock now.” “No, I'm not going to do that,” he replied. “I'm going to wait for the Fed to meet next month. Everyone says they are going to be lowering rates.” “If they do,” I said, “they will be lowering the federal funds rate, which has no direct correlation to long-term mortgage rates.” It didn't surprise me that he didn't agree. It is essential for business leaders to advise their clients and staff accurately on what loan products are affected by the federal funds rate. In my client's case, his misunderstanding about this caused him a lot of time and money. Federal Funds Rate The federal funds rate is the rate banks use to lend reserve balances to each other overnight. According to the Federal Re
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