Fed to lower rates?

We once again are hoping!

Federal Reserve Chairman, Jerome Powell, announced today that if inflation will drop sharply, then he and the rest of the Federal Reserve will have no problem in lowering short term interest rates.  This in turn will put pressure on long term (mortgage rates) to drop as well.  We have heard wishy-washy verse from the chairman for several years now, so, that is why the “hope” part of our headline is prominent!  At least for the last month, the 10 year treasury bond has been in a 3/10’s of a point range…meaning rates have been stagnant.  The rates are certainly not as high as they have been during the Biden administration, but they certainly are no where near as low as they were during the Trump administration.  Now with the election going into high gear, my guess is somehow, magically, there will be a reason for interest rates to come down.  To be honest, I thought it would have happened way before now, but we will take what we can get, when we get it!  If you would like to follow the 10 year bond as it moves up or down, you can go to “marketwatch.com” and you will be able to see what movement has been made.  If you want to skip that but still want to know what rates are doing, then call me, Michael Mitchell, at 530-406-2200 or even better, my cell at 707-337-5970.  After hours and weekends are fine, so don’t be shy!  If we all cross our fingers, then maybe our hope will become a reality!