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The Fed set mortgage rates downward this week, but now is not the time to wait-and-see where rates go next. A turnaround could happen just like . The Fed re-affirmed its plan to hold the Fed Funds Rate near zero percent “for an extended period” today. Mortgage rates remain low and the Refi Boom continues. I gave a 2-part interview with Beejal Patel of First Business television. This is the second part. We talk about FHA mortgage insurance premiums, jumbo mortgage changes, and the impact of double-dip recession on the economy. No matter what you think about your mortgage qualifications — too little equity, too little income, too big of a loan size — take 5 minutes out of your day to call your loan officer. Find out whether you qualify for a mortgage at today’s rates. Sure, rates may fall lower, but, then again, [...] When the Federal Reserve makes a vote on the Fed Funds Rate, it’s voting on the rate at which banks borrow from each other. The Federal Reserve is NOT voting to change consumer mortgage rates because, based on its government charter, it can’t. Look to Wall Street for that, instead. I gave a 2-part interview with Beejal Patel of First Business television. This is the first part. We talk about the economy, home sales and mortgage rates. When people visit national mortgage sites for “rates”, what they’re looking is for something akin to a MSRP for Mortgages; a way to keep their lender honest about rate quotes and such. Sadly, markets don’t work that way. You can’t visit a national website for a single mortgage rate any more than that you [...] The number of private-sector jobs created last month fell well short of expectations. Stock markets are off, bond markets are up, and mortgage rates are lower. If you’ve been shopping, it’s a terrific day to lock a mortgage rate. |
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