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Fed Delivers Significant 0.50% Rate Cut, Largest Since 2020

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Fed Cuts Interest Rates: What It Means For You

Key Takeaways

Significant Rate Cut: The Federal Reserve has lowered its key interest rate by 0.50%, the biggest cut since March 2020.

Former fed funds range: 5.25-5.50%
New range: 4.75-5.0%

Impact on Mortgage Rates: Mortgage rates initially improved but then rose slightly due to revised Fed forecasts for future cuts.

Reason for the Cut: The Fed is aiming to balance inflation and employment, and prevent negative economic impacts of high rates.

Future Rate Cuts: The Fed projects significant rate cuts over the next 16 months.

Should You Buy or Refinance? Current rates are favorable for home buyers. Homeowners with 7.0% + interest rate might consider a low cost loan option to get immediately relief with a rate around 5.75%. Homeowners can refinance to the lowest rates over the next 16 months during the Feds rate cut period.

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A Comprehensive Guide to Home Loans: Understanding Your Options and Making the Right Choice

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Home loans, also known as mortgages, are financial products that enable individuals to purchase real estate property, typically for residential purposes. The primary purpose of a home loan is to provide borrowers with access to substantial funds to buy a home, which is then usually repaid over a long period. Below, we outline several types

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Understanding Home Loans: A Comprehensive Guide

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Types of Home Loans Home loans come in various forms, each designed to cater to different borrower needs and circumstances. Understanding these options is crucial for prospective homeowners aiming to make informed decisions. Here is an overview of the primary types of home loans available: Conventional Loans Conventional loans are not backed by any government

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Navigating Home Loans: A Comprehensive Guide

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Understanding Different Types of Home Loans Navigating the home loan landscape can seem daunting, but breaking down the various types of home loans can provide much-needed clarity for potential homeowners. Each loan type comes with its own set of eligibility criteria, benefits, and potential drawbacks. Below, we’ll explore five primary types of home loans: conventional

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Understanding Home Loans: A Comprehensive Guide

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Home loans, often referred to as mortgages, are financial agreements between borrowers and lenders designed to facilitate the purchase of residential properties. The primary purpose of a home loan is to provide individuals or families with the necessary funds to buy a home, which would otherwise be unaffordable if full payment were required upfront. This

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Understanding Home Loans: A Comprehensive Guide

Home Loans /

  Types of Home Loans When navigating the home loan landscape, borrowers encounter a variety of options, each tailored to meet different financial needs and circumstances. Understanding these types can empower potential homebuyers to make informed decisions. Traditional Fixed-Rate Mortgages are straightforward loans where the interest rate remains constant throughout the loan’s term, typically 15

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Mortgage Rates Disclosures

 

The advertised loan is a 15-year Fixed Rate Loan with a 15-year fully amortizing term. The interest rate is 5.250% for 180 months. The disclosed APR is based on the payment of 3.000 discount points. For a $726,200 loan, there is a 5.755% APR with a monthly principal and interest payment of $5,838 for 180 months. Interest rate quoted assumes a purchase with 45 day lock pricing at 60% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. Interest rate quoted assumes a purchase of a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes or insurance, actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 9:00AM PT on 9/18/2024 and are subject to change without notice.


The advertised loan is a 30-year Fixed Rate Loan with a 30-year fully amortizing term. The interest rate is 5.250% for 360 months. The disclosed APR is based on the payment of 3.000 discount points. For a $726,200 loan, there is a 5.545% APR with a monthly principal and interest payment of $4,010 for 360 months. Interest rate quoted assumes a purchase with 45 day lock pricing at 60% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes or insurance, actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 9:00AM PT on 9/18/2024 and are subject to change without notice.

The advertised loan is an FHA 30-year Fixed Rate Loan with a 30-year fully amortizing term. The interest rate is 5.250% for 360 months. The disclosed APR is based on the payment of 3.000 discount points. For a $726,200 loan, there is a 6.437% APR with a monthly principal and interest payment of $4,010 for 360 months. Interest rate quoted assumes a purchase at 80% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes, hazard insurance, or mortgage insurance; actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 9:00AM PT on 9/18/2024 and are subject to change without notice.

This is a VA program. Current guidelines for VA Financing can be found at https://www.benefits.va.gov/homeloans/index.asp . The advertised loan is a VA 30-year Fixed Rate Loan with a 30-year fully amortizing term. The interest rate is 5.250% for 360 months. The disclosed APR is based on the payment of 3.000 discount points. For a $726,200 loan, there is a 5.882% APR with a monthly principal and interest payment of $4,010 for 360 months. Interest rate quoted assumes a purchase with 45 day lock pricing at 100% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes or insurance, actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 9:00AM PT on 9/18/2024 and are subject to change without notice.

Refinance: By refinancing your existing loan, your total finance charges may be higher over the life of the loan.