Valley lenders should be fielding more calls since the Federal Reserve cut its benchmark rate by a half-point last week, according to Tina Tamboer of the Cromford Report.
Mortgage rates have dipped to a more affordable rate of 6.1% as of Sept. 19 — 1.4 percentage points lower than the average 7.5% mortgage rate in April, Tamboer said. A lower interest rate can translate into hundreds of dollars of savings on monthly mortgage payments.
On Sept. 18, the Federal Reserve “cut its benchmark interest rate by an unusually large half-point — a dramatic shift after more than two years of high rates that helped tame inflation but also made borrowing painfully expensive for consumers,” the Associated Press reported.
