The Fed did not hike interest rates at the beginning of November 2023. This is a continued pause after the Fed also did not raise rates in September 2023.

What does this mean for you and possibly buying a new Baltimore home and getting a mortgage?

There should not be much of an effect on your potential mortgage rate.

Mortgage rates are affected by many factors. The Fed’s pause in interest rate hikes may be one of them, but it is usually a very small part. One of the lenders I work with said that mortgage companies generally anticipate when the Fed will raise rates, so weeks beforehand, their rates and terms usually already reflect a potential upcoming hike.

In general, the Federal Reserve does not directly affect mortgage rates. Here is a CBS News article about the Fed’s pause in interest rate hikes and what it means for mortgages. When the Fed interest rate changes happen, they usually affect CD rates and savings accounts most directly, and where you may experience it most is credit card interest rates. For mortgage rates, they are generally more affected by the Treasury yields. (Read more on Treasury Yields at ‘s post.)

If you are considering buying a home in Timonium, Towson, or the Baltimore metro area, please contact me. I can put you in touch with a local trusted mortgage professional who can help, along with me, guide you through your mortgage options to help you move forward.