We all heard that the Federal Reserve raised its benchmark interest rate yesterday. If you're planning to buy a home soon, put down that canof Dinty Moore stew and climb on out of your doomsday bunker. The sun will indeed come up tomorrow. Your mortgage rate is not directly tied to that Fed rate.
I thinkthis article does a good job of explainingwhy the Fed Rate isn't really relevant to mortgage rates and gives some good insighton what might lie ahead:
Why the Fed move doesn't matter to mortgage rates
So if it's your life's ambition to geek out financially, watch the yield on the 10-year note. That is the one indicator that mortgage rates tend to follow. (The key word is "tend". It's not fail-safe.)
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