Introduction

Chaley Ridge, a lending expert, delves into the current state of mortgage rates, highlighting the impact of the Fed on market dynamics. The chapter explores the evolution of rates, offering insights into the expectancy of moderate improvements and the disparity in rate adjustments.

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The Fed has signaled something significant for mortgage rates. With inflation still rearing its head and the job market hot as ever, the Fed already has enough evidence to hold back on lowering the federal funds rate, which influences the mortgage rate you get on a home. So when will the Fed finally lower rates so we can escape this highly unaffordable mortgage market? Or, can the Fed pause for the foreseeable future as we enter a new era of high interest rates? Caeli Ridge, President of Ridge Lending Group, is here to help us answer these questions.

Caeli works on getting investors mortgages every single day, so she has a solid pulse on the mortgage market. She gives us a mortgage rate update, explaining what today’s rates look like, when the first Fed rate cuts could come (sooner than you think!), and how a mortgage lender calculates your specific rate. She also gives some tips on navigating this high-rate environment and why merely looking at your mortgage rate as a deciding factor could cost you big time.

As we wrap up, Dave will give his perspective on what the Fed is waiting for and the factors that MUST change before the Fed decides to proceed with a rate cut. He’ll also share a few tips on how to get ahead of the competition with today’s high rates and why these unique advantages won’t last long.

In This Episode We Cover:

How long we’ll have to wait for the Fed to finally cut rates

March 2024 rate update and the rate you can expect on your next mortgage

What matters MUCH more than your mortgage rate when closing on a property

LLPAs (loan-level price adjustments) and how to score a lower interest rate from your mortgage lender

The crucial economic factors the Fed is watching to decide when to lower mortgage rates

How to get ahead of the competition during a high-rate environment and buy when the masses are distracted

And So Much More!

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