Florida mortgage borrowers should consider locking in a mortgage rate today by 2:15 PM (ET), as mortgage rates may increase per a FOMC press release scheduled for this afternoon.
As we know, the meeting minutes from each Federal Open Market Committee (FOMC) meeting tend to shake things up. We saw this with last September’s notes – based on the following points:
- Financial markets have improved
- Housing activity has increased
- Economic activity has “picked up”
Per analysts, the economic picture looks to continue its improved track. If today’s notes from the FOMC lead Wall Street to believe this pattern will continue, expect Florida mortgage rates to rise. Of course, reference to slower growth should help keep mortgage rates in Florida holding firm.
Most analysts feel that the Fed Funds Rate will remain within its target range of 0.000-0.250 percent — the lowest it’s been in history. However, it’s what the Fed says today that will matter more than what it does.
If you’re floating a Florida mortgage rate or wondering if the time is right to lock, the safe approach is to lock prior to 2:15 PM ET Wednesday.
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