First, it’s important to know that the  Fed Target Rate  is less directly connected to mortgage rates. It also seems like this hike had been anticipated and mortgage rates have had time to prepare. In fact, as the Fed announced the target rate went up, mortgage rates actually moved slightly lower. This is good news, and most lenders still quote 4.0-4.125% on top tier conventional 30-year fixed scenarios.    

We’re still waiting to see if the market contracts or not in reaction. The sense is that the Fed is still looking for more data before there is any dramatic change to policy. The overall recommendation seems to be that if you’re currently floating on your loan, you’ve still got some time to keep doing it while things get settled. However, you should speak to your lender about your specific circumstance to be sure.

  If you’re thinking about buying, now is a good time to start the process. Oxford can help you find a home and in many cases, connect you with lenders who will help you make the best choices for your specific scenario. It’s important to  have the right team on your side .  

Today, the announcement was met with a yawn, but you need to know you’re in good hands if it changes to a roar.