Wednesday, March 18, 2009

Update on Fed Meeting Today - Mortgage Rates

Update on Fed meeting today from Ed Allbright (Columbine Mortgage):

The Fed just announced they will buy $750 billion more mortgage back securities and $300 billon more treasures bonds. This move will hold the interest rates around the 5% level for a few more months. The Feds are really buying up the higher interest rate mortgage back securities so there is little incentive to drive rates lower.

THIS will not drive rates lower…the lenders are up to their ears in loans applications and are short staffed, so they will be averse to passing on any savings in rates to the end users.

Today’s Conf 30 yr fixed at rate is 4.75%

Today’s loan to $625,000 is at 4.875%

Rates subject to change without notice...

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