Mortgage rates jumped higher this week, rising to 6.46%. It would be nice if yesterday’s Fed rate cut had helped fixed rate mortgages, but those mortgages are more influenced by bond rates.
HELOCs
The Fed rate cut could be good news for HELOCs, though. Shorter-term, consumer loans are more affected by the Fed funds rate than longer-term fixed rate mortgages. So this could be a good chance for you to pay down some of your consumer debt (including credit cards).
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