All Forum Posts by: Joseph Scorese

Hi @Daryl Cocozzo.

Welcome to BP!

Great place to network and get educated. Stay in touch and let me know if I can assist in any way.

Regards,

Joe Scorese

Hi @Greg Febles,

Welcome to BP!

Great place for networking education and opportunity.

Let me know if I can assist and Happy Holidays!

Regards,

Joe Scorese

Hi @Jay Sechowicz,

Welcome to BP!

Great place to network and build your power team.

Let me know if I can assist and Happy Holidays!

Regards,

Joe Scorese

Hey Ariel, How are you. The transportation is key here in Philadelphia, I agree. Private message me and we chat. Regards, Joe

Fed Rate Goes Up. Mortgage Rates Go Down

Mortgage rates moved just slightly lower today, despite the long-awaited Fed rate hike. Once again, that's LOWER mortgage rates and a HIGHER Fed rate. Here's how that works:

The rate that moved higher today is the Federal Reserve's Target Rate. This is the rate banks charge other banks to borrow money overnight. It's called the Fed's Target Rate, because the Fed doesn't actually directly enforce the rate. It merely "targets" the ...rate (or the range of rates, in this case) that it believes is in line with its policy goals. The Fed can then employ several tools to influence the overnight rate and bring it in line with the target range.
If you're not already well-versed in the reasons that banks borrow from other banks overnight, don't worry about that. All you need to know is that the Fed's target rate is vastly important to the global financial system, and it has far-reaching effects on all manner of interest rates.

In other words, a Fed rate hike is a big deal, but bigger to some than others. Mortgage rates are less directly connected to the Fed's Target Rate, as could be easily seen in today's modest move lower. The Fed hiked its rate by a quarter of a point--an amount that would be unimaginably severe in the mortgage world. Such a move has only happened a few times in history on a single day.

The caveat is that mortgage rate movement is given plenty of time to roam free, day in and day out. Meanwhile, the Fed rate only moves when the Fed announces it, which is almost always at one of their meetings. Those only happen 8 times a year. In other words, mortgage rates have had time to do whatever they needed to do to get ready for today's Fed rate hike. The bottom line is that mortgage rates do, in fact, care about the Fed rate to some extent. They're simply not joined at the hip

In terms of specifics, today's mortgage rate movement was very small. Most lenders continue to quote 4.0-4.125% on top tier conventional 30yr fixed scenarios.

Hi @Ariel Boyle,

Welcome to BP!

Would consider taking the train to Philadelphia (1 hour away) and look at some of the opportunities here. You might be priced out in some of the areas of North Jersey you are considering.

Regards,

Joe Scorese

Good Morning @Matthew McAlarney

Welcome to BP and congrats on your buying. Was buying up in that area when I lived there (JC & Newark) now here in Philadelphia buying up properties. Best of luck and much success.

Regards,

Joe Scorese

Hi @Austin Rose

Welcome to BP!

Good Luck and Much Success.

Let me know if I can assist or any questions.

Please connect if you like to stay in touch.

Regards,

Joe Scorese

Hi @Stephen Perez,

Welcome to BP!

How are you... We have an offices near the Universities. Let me know if I can assist with any questions on those neighborhoods. Alot of activity.

Regards,

Joe Scorese

Hi @Terry Brennan,

Welcome to BP!

South Jersey Investors would be a great start and there are some other groups in the Greater Philadelphia and Central Jersey you can look up as well.

Have a good weekend!

Regards,

Joe Scorese