Seasons Savings

Well it seems the weather went from shorts to winter jackets in a flash.  A few weeks ago it was beach weather, and now snowflakes could be in the air by week’s end.  This time of year is all about family, holidays, and bills!

You probably heard last week that the Fed reduced the benchmark lending rate by .25%.  This is something that we expected and I had prepared my clients to be ready to jump when rates dropped.  Why did I want them to jump?  Thirty year mortgage rates are not tied to the Fed benchmark rates, but more to the 10 year treasuries.  The 10 year moves in line with the stock market, and that has been at record highs recently.  When the stock market goes up, generally the yield on 10 year treasuries generally go up.  That means mortgage rates go up.  However, when the Fed reduces…