AAFMAA Mortgage Services: The Fed Lowered Rates, Why Isn’t My Rate Lower?
May 5, 2020
AAFMAA Mortgage Services
On March 15th, just four days after the World Health Organization declared coronavirus (COVID-19) a pandemic, the central bank cut rates by a full percentage point to “near-zero” in an effort to bolster the U.S. economy.
Surprisingly to many consumers, mortgage rates haven’t followed suit. In fact, the week of March 16th, rates actually increased to 3.65%, the highest level since mid-February, according to Freddie Mac. Since that week, mortgage interest rates have been very volatile – often increasing and decreasing multiple times each day.
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