I feel the need to jot a note about interest rates before I hit the road.All this talk about inflation, unemployment, higher gas prices, etc seems to unfold into a “good” economy.We are holding steady.There is a soft landing for the economy.Inflation is in check.

     All this means that the Fed will probably not cut interest rates from 5.25% (Fed Funds Rate) today.Remember, the rates that they talk about are not mortgage interest rates.The Fed Fund Rate and Prime Interest Rate are short term rates.They will affect the consumer car loans, home equity loans, credit cards and student loans.Mortgage rates are not affected by this announcement and will feel only a hiccup.

     Currently 30 year fixed rates are in the low low 6% range.No, your cousin did not get 5.75% last week.Shop around and go with a lender that is well known and has references.Use a loan officer that has experience and knows the market.And never borrower more than you can afford.If you do, you will be one of “those people”……

Great day for a drive.

– Dale Siegel