Fed’s Decisive Action Pushes Mortgage Rates Down
The Federal Reserve’s decision to print cash likes it’s going out of style to the tune of $1 trillion dollars sent mortgage rates down, down, down. A drop in the 30 year interest rate for conforming loans to well below 5% is forcing many would be buyers and refinancers to take notice.
As one could imagine, mortgage brokers are thrilled beyond belief. The hope is, depressed mortgage rates will drive consumers back to the refinance and purchase well. Economists said the Fed’s actions could kick-start the slumping California, Florida and Nevada housing markets.
If you haven’t already, get on the horn with a reputable broker or lender. Rates will not stay here forever. Happy hunting.