Cyd West, Sr. Vice President, from First Community Mortgage sent me this email a little earlier today.  

"The Fed’s decision to cut rates was not unanimous yesterday with an 8-2 vote. This probably means that no further cuts are coming unless something drastic happens. If the commentary that is released from yesterday’s meeting indicates that the Fed governors believe that inflation is a risk, then investors will flock to the safety of bonds and that will be good for mortgage rates. Once again, the public will have the misconception that a lower discount rate means lower mortgage rates and that will not immediately happen. In fact, with the employment numbers that were posted today the bond market will likely suffer for a few days. Don’t lock if you are not closing within a week and have the stomach for a few ups and downs. Rates should get better next week."

Thanks,
Jean

Also, we are hosting a Shine Team Tour of Homes and it all begins at 1428 Loblolly, Evergreen Estates in Harker Heights. C'mon out and see our great listings.