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3 things homebuyers should do before the Fed’s March meeting

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Homebuyers should consider locking in a mortgage rate now, prior to any changes resulting from the Fed’s March meeting.

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The Federal Reserve is set to meet again on March 19 and March 20, and the interest rate decision that comes out of that meeting is sure to reverberate throughout the economy. Even if the Fed keeps the benchmark interest rate unchanged, as many are expecting, it will still be stuck at a 23-year high. That said, a pause in rate hikes will still be better than a rise, particularly for borrowers.

Inflation and higher interest rates have caused the cost of borrowing for mortgages, personal loans and other credit options to surge. Homebuyers, in particular, have been coping with mortgage rates hovering at decade-highs. Ahead of the next Fed meeting, then, buyers may want to take a few steps now to circumvent any additional economic pain to come. Below, we’ll break down three things homebuyers should do before the Fed’s March meeting.

Ready to buy a home? See what mortgage rate you could qualify for here now.

3 things homebuyers should do before the Fed’s March meeting

Here are three things homebuyers should consider doing before the Fed’s March meeting.

Shop for lenders

Just like you wouldn’t necessarily buy the first car you test-drove, you shouldn’t simply accept the first home loan offer you receive. Instead, shop around for lenders to find one offering the lowest interest rate and best terms. You should be doing this now, before the repercussions of the Fed’s March meeting reverberate among the home lending industry. 

And remember that even half a percentage point difference between lenders can lead to big savings — both in your monthly payment and what you ultimately pay in interest over the life of the loan. But since mortgage rates change daily, it’s beneficial to get started now, before any major changes take place later in the month.

Start shopping for a mortgage lender today.

Understand all options

In today’s elevated rate climate, homebuyers should research and understand all the ways that they can potentially secure a below-average rate. This includes purchasing mortgage points to permanently secure a rate below what otherwise would have been possible. But it also means exploring the possibilities an adjustable-rate mortgage can offer right now. 

While neither is ideal compared to the fixed, low rates that could have been obtained in recent years, each has unique benefits that could save buyers money. But it’s important to understand the pros and cons of both so that you’re ready to act promptly when you find a lender. 

Lock in a rate

The Federal Reserve doesn’t necessarily need to cut rates to influence the mortgage sector. Even a hint at rate cuts to come — or an indicator that rates will remain elevated longer — could affect the mortgage rate climate. 

Knowing this, then, buyers should strongly consider locking in a mortgage rate today. By doing so, they ensure that they won’t get stuck paying anything higher. And if rates drop before closing they could always unlock their current rate and lock in the new one. Or, they could refinance long-term when the rate environment stabilizes. Waiting for a rate cut that may not even materialize, however, could be risky.

Lock in today’s mortgage rate here now.

The bottom line

Today’s rate climate is evolving, and while most don’t expect a rate cut to come later in March, it’s unlikely that rates will be unaffected, either. Understanding this, homebuyers should start shopping for lenders and understanding their mortgage rate options now. From there they should strongly consider locking in today’s rates, even if imperfect, to protect against any future volatility. By taking these steps now, buyers will position themselves for greater financial success both during the homebuying process and, later, long-term homeownership. 



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“CBS Weekend News” headlines for Sunday, Sept. 29, 2024

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“CBS Weekend News” headlines for Sunday, Sept. 29, 2024 – CBS News


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Here’s a look at the top stories making headlines on the “CBS Weekend News” with Nancy Chen.

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Mezcal producers preserve traditional methods as demand for liquor grows | 60 Minutes

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Mezcal producers preserve traditional methods as demand for liquor grows | 60 Minutes – CBS News


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Demand for mezcal was low for years, but interest and sales have soared. The vast majority of the spirit is made in Oaxaca, Mexico, where family-owned distilleries dot the landscape.

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Vladimir Kara-Murza says he got warning during Russian prisoner swap | 60 Minutes

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Vladimir Kara-Murza, a fierce critic of Vladimir Putin who was sentenced to 25 years in a Russian prison, was on his way to freedom after he was released during a prisoner swap when an FSB agent shared ominous parting advice. 

“‘Be careful about what you eat. You know how these things happen,'” Kara-Murza said he was told. 

Kara-Murza had already survived two poisonings — first in 2015 and then again in 2017. He was then arrested in 2022 and tried for treason last year after denouncing Putin’s war on Ukraine

Kara-Murza knew the risks that come with speaking out against Putin, but he did it anyway.

“There are causes larger than ourselves. And to me, the cause of a free, peaceful, civilized and democratic Russia is certainly much larger than I could ever be,” he said. 

Surviving poisonings

Kara-Murza had been high on Putin’s list since 2012, when he worked with the late Sen. John McCain on the so-called Magnitsky Act, a U.S. law named for a man murdered by prison guards. The Magnitsky Act allows for the seizure of the overseas assets of foreign officials who abuse human rights, and more than 60 people have been sanctioned. 

Vladimir Kara-Murza
Vladimir Kara-Murza

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Kara-Murza says Kremlin assassins poisoned him in 2015 because of his work on the Magnitsky Act.

He was in a coma for about a month and suffered from multiple organ failure. Doctors in Moscow told his wife he had about a 5% chance of survival. As Kara-Murza was recovering, he had to learn how to walk and eat again. 

“It’s amazing how fast the human body just loses everything, just loses all the strength and you just have to start anew,” he said. 

Two years later, in 2017, he was poisoned again. This time, he went to the U.S., where his wife and three children live, to recover. Kara-Murza is a U.S. permanent resident. 

But once he recovered, he returned to Russia.

“How could I not go back to Russia? I am a Russian politician. A politician has to be in their own country,” Kara-Murza said. “How could I call on my fellow citizens and my fellow Russians to stand up and oppose this dictatorship if I myself was too scared to do it? How is that possible?”

Kara-Murza continues speaking out as Putin cracks down 

Kara-Murza says all of Putin’s opponents are either in exile, in prison, or dead.

Shortly after Russia launched its invasion of Ukraine in 2022, lawmakers passed a law imposing a 15-year prison sentence for those who criticize the war.

“We tried to warn the world. We tried to shout,” Kara-Murza said. “We tried to get the message out that this regime is dangerous, that this man is dangerous.”

After his treason conviction last year, Kara-Murza was hit with the longest sentence ever for a political prisoner. The judge in the case had been among the first Russian officials sanctioned under the Magnitsky Act. 

Kara-Murza thought it was a “job well done” when he heard his sentence. 

“I think that 25-year sentence was, frankly, a recognition that what we did over all those years mattered, that the Magnitsky Act mattered, that public opposition to the war in Ukraine mattered,” he said. “Yes, it means it was a job well done.”

Life behind bars and being freed

Kara-Murza spent two-and-a-half years imprisoned. He was sent to Siberia, and put in solitary confinement. He says he was only able to call his wife once and only allowed to speak with his children twice. 

“And it was a 15-minute call, so five minutes per child,” he said. “And as my wife later told me, she was standing there with a stopwatch to make sure that each of our kids doesn’t get more than five minutes so that everybody could have an opportunity to speak with dad.”

He thought he would never get out, so he views what happened on Aug. 1 as a miracle. 

“A large group of officers burst into my cell. I have no idea what’s happening. It’s the middle of the night. It’s dark,” Kara-Murza said. “And they tell me I have 10 minutes to get up and get ready. And at this moment, I’m absolutely certain that I’m gonna be led out and be executed.”

Instead, he was one of eight Russian dissidents released, along with several Germans and three Americans, in exchange for eight Russian criminals and spies. It was the largest prisoner exchange since the Cold War. President Biden’s administration, along with officials in several other countries, had spent months negotiating the prisoner swap. 

After he stepped off a plane in Turkey, a diplomat from the American embassy came over and handed Kara-Murza a phone. President Biden was on the line, along with Kara-Murza’s family. They were calling from the Oval Office. 

“It felt surreal, it felt more emotional than I had ever felt at any point in my life,” Kara-Murza said.

Continuing to speak out against Putin 

60 Minutes correspondent Scott Pelley asked Kara-Murza if he thinks Putin will try to kill him.

“We know what it entails to be in opposition to Vladimir Putin,” Kara-Murza said. “He’s not just a dictator. He’s not just an authoritarian leader. He’s not just a strongman. He is a murderer. That man is a murderer.”

Kara-Murza, who remains in the U.S. with his family, shared his hopes that ordinary Russians standing up to Putin are remembered.

“I hope that when people in the West, that when people in the United States, when people in the free world at large think about Russia, they will remember not only the aggressors and the war criminals who are sitting in the Kremlin, but also those who are standing up to them,” he said. “Because we are Russians too.”



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