Nov 26, 2008

Emergency Rate Cut by the Fed !


...and it is impacting mortgage rates (loans) directly this time!

I got an update yesterday from our credit union pals - 5.625% for 30 year fixed at NO points !!! 5.375% on a 15 year fixed at NO points !!!


We are nearing the lowest point in history again.

Here's a blurb from another lender friend:

The Federal Reserve and Federal Home Loan Banks announced that they would purchase up to $600 billion in Mortgage-Backed Securities (MBS), exciting news that sent interest rates for 30-year fixed-rate mortgages plummeting below 6.00% and near the lows for the year!

Is now the time to Buy?

Watch for the next blog post!

- Jim

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