What actually determines your mortgage rate? It's more complicated than just what the Federal Reserve does.
Mortgage rates are influenced by factors including longer-term Treasury yields, the mortgage-backed securities market, inflation, economic conditions, and expectations about future Federal Reserve policy.
Your personal financial profile matters too. Your credit score, down payment, loan type, loan term, and discount points can all affect the rate a lender offers you. So when you hear that the Fed raised or lowered interest rates, that doesn't necessarily mean mortgage rates will move by the same amount.
If you're thinking about buying a home in Orange County, reach out — Katherine is happy to help you navigate the home-buying process.