My wife and I are in the process of buying our first home and are currently in the option period which expires on Sunday. Over the past few days mortgage rates have ticked up a little bit. Our lender is urging us to lock in the rate now, but, I'm hesitant with the Fed Meeting next week and potentially dropping rates again. Seems like it's worth the gamble to wait until they make a decision before locking in our rate. The way I understand it, we have until 9/25 to get our financing settled and the closing date in our contract is 10/31. Any thoughts here on what you would do?
If the fed does cut rates next week, how quickly will that flow through to the mortgage market?
Because home buying is new territory I'm weary of making a 30 year mistake. I'm a finance guy, but still learning all the mortgage and home buying terms and processes. Have never really followed mortgage rates too closely until now, but have followed the Fed and have (I think) a decent understanding.
If the fed does cut rates next week, how quickly will that flow through to the mortgage market?
Because home buying is new territory I'm weary of making a 30 year mistake. I'm a finance guy, but still learning all the mortgage and home buying terms and processes. Have never really followed mortgage rates too closely until now, but have followed the Fed and have (I think) a decent understanding.