CHAIRMEN YELLIN'S TALK HAD AN AFFECT ON RATES.
As usual, whenever the Chair of the FED speaks, the mortgage rates listen. To quote from Inman News
"Today, Federal Reserve chair Janet Yellen held a press conference, indicating that the Fed would proceed “cautiously” regarding interest rates.
These aren’t mortgage interest rates, but the overnight cost of money. However, what happens to the Fed’s interest rate has repercussions for housing."
Translation - mortgage rates went down today. The Inman article has more to say. You can check it out here. ( you do have to be a member)
While the article in the link above does focus on the liquidy for banks and servicers, the overall effect was to have the mortgage rates take a dip. The bottom line is that now is a good time to buy or sell. Call me I can help
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