The Federal Reserve holds the federals funds rate—mortgage rates slightly dip

Is now a good time to lock a mortgage rate? ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [Better] [Better]( This week's mortgage rates [Rate chart] [Rate chart]( Source: US average mortgage rates from [FreddieMac]( --------------------------------------------------------------- Better Mortgage Interested in today's rates? [See Better Mortgage rates]( --------------------------------------------------------------- #FundFact 😱 The federal funds rate is currently at the highest level in 22 years—5.25% to 5.50%.¹ Things to know How the Fed’s decision to hold the federal funds rate may have helped mortgage rates ease How the Fed’s decision to hold the federal funds rate may have helped mortgage rates ease If you have a mortgage or plan on trying to get one, you might be interested in learning more about how the Federal Reserve’s decision to hold the federal funds rate may have helped snap 7 weeks of mortgage rate increases, and if now is the right time to consider locking a mortgage rate. Who is the Federal Reserve? The Federal Reserve (“the Fed”) is the nation’s central bank, composed of 12 regional banks and led by a board of governors. Within the Fed sits the Federal Open Market Committee (FOMC), who is responsible for establishing the Fed’s monetary policy. The FOMC holds eight regularly scheduled meetings per year where they discuss economic and financial conditions to determine the appropriate stance for our monetary policy. The last meeting of the year will be held on December 12-13. What happened during the most recent FOMC Meeting? The most recent FOMC meeting took place from October 31-November 1. During this meeting, it was announced that the federal funds rate would remain steady. This follows a pause that took place in September. While the federal funds rate will remain steady for November, future rate hikes are not completely off of the table. What is the federal funds rate and how does it impact mortgage rates? The federal funds rate is the interest rate that banks charge each other to borrow money, and it’s a primary tool used by the Fed to help slow inflation. The Fed’s decision to change the federal funds rate can indirectly affect the kind of rate you’re offered for a mortgage and therefore, how much you pay for a home. Is now a good time to lock a mortgage rate? Interest rates decreased by a quarter-point for a 30-year fixed rate mortgage and led to an increase in mortgage application activity last week.² The Mortgage Bankers Association reported the Market Composite Index, a measure of mortgage application volume, increased 2.5% on a seasonally adjusted basis from one week earlier—the largest increase since mid-September!³ Since the Fed paused the federal funds rate last week and the next Fed meeting is scheduled for December 12-13, borrowers have breathing room to shop around for the best rates and terms without added pressure. Those interested in shopping around for a rate may be on a tight timeline, especially if rates are increased in the final 2023 FOMC meeting. Even a fraction of a percentage-point drop in your mortgage interest rate can save you thousands of dollars over the life of your loan. This may be a good time for those that are ready with a purchase contract to consider locking a mortgage rate in case rates go back up after the next FOMC meeting. But that doesn’t mean now is the right time for everyone to lock a rate! Fluctuations in the mortgage market are always going to happen. That’s why the best idea is for homebuyers to focus on what they control: finding a rate that works for their financial situation. While larger trends in the market can impact rates, your mortgage rate will still depend on your personal financial profile. Things like your credit score, debt-to-income ratio, and how much you have for a down payment all influence the rate a lender is able to offer you. The most important thing is finding a way to stay within your budget when it comes to housing. It’s always a good time for those that aren’t ready to make a long-term commitment to a mortgage payment and home to save for a down payment and improve their credit in order to help them secure a competitive mortgage rate when the time is right. --------------------------------------------------------------- Better Mortgage Getting verified approval to make stronger offers doesn’t have to be difficult [Verification happens in as little as 24 hours with Better Mortgage.⁴]( --------------------------------------------------------------- Press play Follow us on social to stay up to date with the latest mortgage tech, tips, and tools: Watch on [TikTok]( • [Instagram]( • [YouTube]( • [Facebook]( --------------------------------------------------------------- Better Mortgage Questions? Connect with a mortgage expert now [Get pre-approved today]( --------------------------------------------------------------- Quiz Which of these loans protects you from rising interest rates? - Adjustable-rate mortgage - Fixed-rate mortgage - Reverse mortgage - Balloon mortgage [Better] [Better] [social]( [social]( [social]( [social]( ¹ Source: [CNN Business]( ² Source: [Mortgage News Daily]( ³ Source: [Mortgage Bankers Association]( ⁴ See [One Day Verified Approval Terms and Conditions]( © 2023 Better Home & Finance Holding Company and/or its affiliates. Better is a family of companies. 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