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To The Fed It Is Not a Pause

June 13, 2023

When a kitten or puppy waves their paws at us, it is considered major cuteness in action. When the Federal Reserve Board is faced with a decision regarding the “pausing” of interest rate hikes, there is no cuteness involved – just a bunch of hemming and hawing (not pawing). So, the Fed did consider a pause, but they won’t call it a pause even though they did not raise rates. Why is that?

todays-mortgage-interest-rate

Because they don’t want to go on record saying that the fight against inflation is over. They are just “catching their breath” and keeping an eye on things before they decide what they are going to do next. The current inflation rate is somewhere around four percent and heading downward slowly. Certainly, that is much better than the inflation rate of 12 months ago, but it is still twice as high as the Fed’s official target of two percent. We have seen some real progress in certain areas, for example, you no longer need to take out a bank loan to purchase a dozen eggs! Lumber and wheat prices are also down significantly from their peaks.

On the other hand, the labor situation is still causing concern. We just don’t have enough workers to fill the almost 10 million jobs open in America. In the past we have always had enough of a flow of legal immigrants to fill jobs—but today the job openings far outweigh the increase of the residential population and legal immigrants together. With a shortage of workers, higher wages are the sticking point in the inflation battle. Not enough workers and not enough homes to put them in. So, while the Fed catches their breath—these are the things they are keeping their eyes on.

Source: Origination Pro

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Testimonials

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.

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.

Joe D. Long Island, NY
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.

Ninfa Brusca Tuckahoe, NY
Lenny P., Occupation: Real Estate Development

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.

Lenny P., Rye, New York
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.

Nick Tsatsaronis Flushing, NY
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