Feds drop 1/4 point more

Fed funds futures have another cut priced in at this point. This could change though.

 

Jeff,

I've just called Wells Fargo and this afternoon's rate on a 15 year is STILL 6.75% .. When I first called WF about a refi.. it was 6.25. I called my "girl" on the phone and she says.. well, unfortuatly.. now the points are way out... so maybe I should have taken the loan at 6.625%


Cherie..

 

Loans are NOT tied into the federal rates. Loans are tied in with the bonds, which have been slowing climbing back up.

 

Cherie,

Mortgage rates are generally priced off the 10 year note. Note yields appear to have bottomed and have risen a bit. This indicates that the market is expecting a recovery. Mortgage rates may not get much better even though the fed funds rate is lower.

 

Hi Bailey, I was typing while you were posting.

 

LOL but you explained it better than I