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Bleh....From a real estate agent's point of view. I wish they hadn't. I'd rather see the stock market go down, people flee into the bond market, bond yeilds go down, mortgage rates go down, and start making housing more affordable.
If people start buying down the emmense inventory of homes, prices will finally stabalize, and not so many people will be forced to foreclose as an only option (they could actually sell quickly!). Less foreclosures, will eventually start to build confidence in the financial/credit markets again, and credit crunch that started this whole thing is over!
Now the mortgage rates are going up.....and I'm getting constant emails from borrowers wanting me to lower their locked rates.
The rates they got have become a lot higher in a matter of minutes!
Now the mortgage rates are going up.....and I'm getting constant emails from borrowers wanting me to lower their locked rates.
The rates they got have become a lot higher in a matter of minutes!
If the fed is reducting the rate to promote consumer buying and borrowing, why do long term mortgage rates GO UP?
Now the mortgage rates are going up.....and I'm getting constant emails from borrowers wanting me to lower their locked rates.
The rates they got have become a lot higher in a matter of minutes!
My associate that works with a large national Bank told me the day the fed cut rates by .75%, 30 yr mortgages had dropped to 03' lows (which were 40 year lows at the time around 5.25% or lower). By midday once the market had time to digest the FED rate decrease, and people sold bonds to get back into stocks, rates had jumped back up to over 5.75% ish. AMAZING.
I wonder if we would be in the upper 4% range today if the fed hadn't bouyed the stock market.
That day I saw the 30-year rate at 5.00% and the way mortgage rates were trending downwards, rates probably would have dipped into the 4's, but, hey, it's not the job of the Fed to support the stock or bond markets. It is the job of the Fed to provide price stability (control inflation) and help maintain moderate growth.
It is the job of the Fed to provide price stability (control inflation) and help maintain moderate growth.
Seems like they succumb to political and Wall St. pressure more than they should.
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