Feds drop rates 3/4 of a point
January 22nd, 2008 Categories: Mortgage Information and Articles
Yeah… the Feds strike again. Thanks Bernie.
What does this mean to you? Well it means that your car loan will come down, or that line of credit that you bought a boat or your wife’s engagement ring with will also come down. Will your mortgage come down? Probaly not, unless your second lien is a line of credit. Are mortgage rates down 3/4 of a point? No.
But how much lower do they have to be, they are low as it is. FHA is at 5.5% on some programs and conventional loan programs are under 6% for most lenders. Yes, it would be nice if the lending institutions passed the fed rate to us, but considering that lately they are writing off billions in losses, they probaly won’t. Still people… Under 6% for a 30 year loan??? Jump on it!! yes, do it, like Mike said. Do it! Do it! Or was it Ben stiller in Starsky and Hutch? 
All kidding aside folks, it is a great time to buy. Have a great night
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