The Federal Reserve Cuts Rate for the 3rd Time in 2019.
Mortgages: If you are a homeowner and have a mortgage, now is an opportune time to refinance your mortgage. The Fed doesn’t set mortgage rates nor does a rate cut directly impact mortgage rates. Mortgages rates already have been declining, and the average 30-year fixed mortgage is less than 4%.
What To Do: Mortgage rates are relatively low. Refinance your mortgage. If you’re a prospective homeowner, a relatively low mortgage rate is only one consideration to purchase a home. The economy, housing market, job market and your economic situation are some other factors to evaluate before buying a home.