Mortgage rates have been dropping, and have hit the lowest we have seen since May 2023. According to Freddie Mac and reported by CNN Business, interest rates averaged 6.47% this past week for a standard 30-year fixed mortgage. The prior week, the average was 6.73%, so this is a pretty big drop. Why is this [...]
What did the Fed do with interest rates July 31, 2024? The Federal Reserve kept interest rates steady again, with claims that a rate cut could potentially come as soon as September. The Fed Chair, Jerome Powell, said that if inflation continues to fall, he expects they could cut interest rates when they next meet [...]
The Fed kept interest rates the same on June 12, 2024. This is a continued pause, as we saw in both March 2024 and May 2024 Federal Reserve meetings. Inflation is still above the central bank’s goal of 2%, which is why the Federal Reserve Committee is not dropping rates again at this time. The [...]
What is the difference between FHA and Conventional Loans? There are multiple differences between an FHA loan and a Conventional Loan. An FHA loan means that the loan is insured by the Federal Housing Administration. With a Conventional Loan, the mortgage company assumes the risks of issuing the loan. It is not insured by a [...]