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The Fed Speaks Amid Chaos

September 24, 2019

The past week was the best example of an axiom we have always followed — you can’t predict the future. It looked like the Federal Reserve Board was locked into a rate cut before they met. As we said, the die was cast. Then we had several things come up. The trade war rhetoric started to ease. Oil fields were attacked in Saudi Arabia and oil prices spiked. Meanwhile, after falling for several months, interest rates spiked upward, even before the attack in Saudi Arabia.

Mortgage-application-online-Queens-NY-home-loan-refi

At the least, these events would prove to make the Fed meeting last week a bit more interesting. We went from 95% of analysts predicting an interest rate cut, to 65% in just a few days. Even so, the markets were not particularly surprised by the .25% rate cut decision. In the absence of a surprise, there was little reaction in the markets–though the action did take a bit of steam out of the recent rate spike. On the other hand, the markets have been so volatile lately that it is hard to detect a lack of reaction. For the past few months, it seems the markets are reacting to just about everything.

When there is no surprise, there is more attention paid to the Fed’s statement following their meeting. In this case, the markets were hanging on every word, especially in light of recent events. The short statement was also pretty much as expected. It talked about the economic headwinds the economy faces which supported the rate cut decision. With regard to future rate cuts, this is where the Fed must be transparent, but also vague. Thus, while they may see future rate decreases, they did not say if they will happen this year and they also indicated that the future direction of the economy and trade wars will guide them as the year progresses. The next Fed meeting is in late October and the minutes of this meeting will be released before that meeting. Perhaps we will know more by then.

Source: Origination Pro

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Queens NY Mortgage Broker
Benny Loria, Esq.

Benny Loria, Vice President (NMLS#: 900146)

718-943-9200 Ext. 115

bloria@amerimutualmortgage.com

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Testimonials

Ninfa Brusca

Philip and Benny Loria were very knowledgeable and professional. They exceeded all our expectations and were a pleasure to work with. They were both were just genuinely nice guys. They listened to all our concerns and did everything in their power to accommodate our needs and make feel comfortable throughout the whole mortgage process. I recommend Amerimutual Mortgage to anyone who is looking for a mortgage.

Tuckahoe, NY

Joe D.

Philip Loria made the mortgage process quick and easy, and also found ways to save us money. He was always on top of things, very accessible, and his communication is top notch. I will recommend Philip Loria and Amerimutual Mortgage highly to any of my friends, family or colleagues.

Long Island, NY

Lenny P.

Richard, I wanted to thank you for all your help and hard work. I am so glad our refinance was a success. You were very diligent and dedicated to getting me the best rate possible. I truly enjoyed working with you and will recommend your services to all our friends and family.

Rye, New York
Occupation: Real Estate Development

Nick Tsatsaronis

Philip Loria, assisted me with my refinance. Thank you so much for all of your time and hard work. You made refinancing my house easy and stress free. I wouldn’t recommend anyone else. I will definitely use Amerimutual Mortgage for any future needs, and recommend them to anyone who needs a mortgage.

Flushing, NY

Vincent M.

I can’t express enough my gratitude to Richard Jamesley for walking me through the whole refinance process and keeping me informed every step of the way. Richard explained every step in detail, was very communicative, diligent, and prompt. We would definitely recommend you to our friends & anyone needing a mortgage.

Whitestone, NY
Occupation – Contractor

Dominick P.

Being a first time home buyer, the process was very foreign to me. Richard Jamesley could not have been more helpful and patient along the way. He explained every step in detail, was professional, straight to the point, and helped me with all aspects of buying my home. He was always there to answer any of my questions. Not only did he make the process quite easy , he helped to get me a great interest rate. I recommend Richard Jamesley without reservation. Amerimutual Mortgage will be my first and only call if I buy another house.

Bayville, Long Island, NY

Salvatore L.

Philip, I would like to thank you for carefully walking me through the loan process and calming my fears and uncertainties. Philip was very professional and his expert advice was critical to my success. You went above and beyond and kept me well informed. I highly recommend you and your company to everyone seeking financing for their property.

Beechhurst, NY
Occupation – Real Estate Manager

Rocco Buffolino

As a first time home buyer it was nice to have people as helpful as Philip Loria and Benny Loria. Our experience was wonderful. Philip was very knowledgeable, professional, and demonstrated an expertise which put us at ease during the purchase of our home. He took the time to answer all our questions and we feel he went above and beyond for us. I highly recommend Amerimutual Mortgage.

Westbury, New York

Carol Gudura

Richard Jamesley was a pleasure to work with. He is very smart, helpful and just willing to help in any way he could. Richard helped walk me through each step of the process and kept me well informed. He is a true asset to you company.

Malba, NY

George Poulakis

My refinance experience with Amerimutual Mortgage and their affiliates was above expectations.  Amerimutual Mortgage knows what they are doing and provides excellent customer service. Thank you all so much for all of your time and hard work.

College Point, New York
Occupation – Electrician

Eli N.

Benny and Phil were great to work with! they assisted us in every aspect of the process even when it wasn’t their job. They explained every step and guided/advised us on the best course of action. Their fees were more than fair and their integrity was at a level far above ANY lawyer or mortgage broker we have ever dealt with.

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