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After Fed decision to lower the rate, I get phone calls from my clients asking me what rate they can get now. Even though mortgage companies most likely will lower rate soon, it does not happen right away, after Fed's decision, and did not happen yet.
The common question is why?
What the Fed did on Tuesday will not directly lower mortgage rates. Mortgage rates are not tied to the Fed rates, they are tied to the Treasury rates.
So the bond market is the influence over mortgage rates. When the bond market goes up – mortgage rates go down and vice versa.
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