00:00In May, for the third time this year, the Fed decided to leave our policy interest rate
00:05unchanged. Experts had forecast rates to drop in 2025, expecting that inflation would ease
00:10and the Fed would start cutting the federal funds rate. However, that hasn't happened yet.
00:15If we do get a rate cut this summer, mortgage rates could ease somewhat in the coming months.
00:19But that is still a big if. First, we have to wait and see how tariffs end up affecting the
00:24economy. Those tariffs are expected to push inflation back up, and Fed officials have
00:29indicated they don't want to cut rates unless the economy starts to crack. Scan this QR code or
00:34click the link in the description of this video to see today's mortgage rates.
00:37If you want to learn more about how interest rates could affect your mortgage,
00:41stick around. They're affected by some factors that are out of your control,
00:45like the federal funds rate and the overall economy. But rates are also affected by some
00:49factors that are more personal, like your credit score, your down payment, and your existing debt.
00:55Right now, you can focus on the things that are in your control.
00:58Know your credit score and work on improving it. Pay off as much existing debt as you can.
01:03Save up for a down payment. And if you're a first-time home buyer,
01:07look into programs available in your state. And whether you're looking for a mortgage,
01:11a HELOC, a home equity loan, or you want to refinance, make sure you shop around.
01:16Different lenders may offer different rates. Buying or refinancing a home is rarely affordable,
01:21but mortgage rates don't have to stand in your way.
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