Posted To: Mortgage Rate Watch

There are a lot of words here. If you have a mortgage you might ever refinance (and especially if you think Sunday’s emergency Fed news means you can now get a lower rate), read every last one of them. Background: Fed’s Emergency Rate Cut and QE It’s extremely important for the sound functioning of the mortgage market that consumers read and understand the following: THE FED DID NOT JUST CUT YOUR MORTGAGE RATES! I’m not a loan officer. I don’t play one on TV. I don’t benefit from the decision you make on locking a mortgage rate. I’m just a guy who watches and understands the day-to-day movement in average mortgage rates better than just about anyone. It’s one of the few things in this life I will claim to be the best at. You can take what I’m saying to the bank, literally and figuratively….(read more)

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Source: Mortgage News Daily