Some good news for today has interest rates are seeming to improve today. "Mortgage Bonds open up 34 basis points higher after Bear Stearns announced it was acquired by JP Morgan for $2 a share late last night after the 85 year old brokerage was on the brink of collapse. Bear's share price topped out at $171 in January of 2007. The Fed cuts the discount rate by a 1/4 point in an emergency meeting. Stock futures plunge. Bonds not yet trading. Tomorrow's FOMC meeting should produce a 100 basis point cut in the fed funds rate."
However the last bit of news mat hurt later in the week. The fed cutting rates usually hurts mortgage rates has in the short term. With their normal impact not happening for 6-9 months.
My immediate recommendations to float today with a quick trigger on locking.
I am dedicated to helping you find the right financial solution for the purchase or refinance of your home.
This week in Mortgage markets!
Marketing on a shoestrig Budget, Part 1
Banks Charging fees after emerging form bankryptcy.
16 Things to Avoid While Waiting For A Mortgage Approval
What will the Economic Stimulus Packaged do to interest rates?
How to Determine Whether Your Loan Officer is Reputable in Massachusetts
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2008 ActiveRain Corp. All Rights Reserved
Nice post, it was good to log on in the morning and hear some good news and thanks for the info!
Have underwriters tightened up in Mass?
they have pretty much tightened up everywhere. You can still get loans done, you just need more documentation i am however spending more time helping clients to get their credit to magic number of 680. that is were you need to be get the best rates.