Thousands of homeowners are checking to see how the Federal Reserve’s recent decisions around the Federal Funds Rate impact mortgage rates and the overall affordability of refinancing their current home.
In a surprise move on March 15th, the Federal Reserve took emergency action and slashed rates to zero for the first time since 2008. The Federal Funds Rate is indirectly connected to mortgage rates and is a strong indicator of a mortgage company’s ability to offer low-interest rates.
Now is the time for homeowners to act fast. Those looking to refinance a home need to check and see how low of a rate they can lock in today. Thousands have turned to PennyMac to secure their own low-interest rate home loan. Rates will not be this low forever so urgency is paramount.
The Federal Reserve is set to meet again in the near future to release a new Federal Funds Rate. So, if you are looking to save money each month on your mortgage by obtaining a low-interest rate, now is the time to act.
It’s easy to let economic and financial news fly straight over your head, but RIGHT NOW is the time to act.
Want to see how low your rate can be? Here's how:
Step 1: Select your state
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