For the fourth time this year, the Federal Funds Benchmark Rate increased as part of the FOMC’s (The Fed) aggressive steps to fight inflation. This fight may continue to drag on, resulting in more rate increases.
While mortgage rates are not tied to the Federal Funds Benchmark target, mortgage rates are impacted. And, the bottom line, rates are going up.
If you are in the market, you can protect yourself from rate increases while you are searching for your dream home. The Fidelity Direct Mortgage Purchase Power Program offers a fully underwritten Pre-Approval with a 120-Day Lock and Shop agreement.
– Brett Carter, Fidelity Direct Mortgage