Fed rates at 0%, soon they’ll be sending you cash directly in the mail.
So how does this effect your current mortgage rate you ask?
Well in principal; rates should drop as the feds try to loosen the bank’s coffers and get them to lend.
In truth; they will continue to hoard cash until they get all of their self induced crap off their books.
There is talk of Mortgage rates dropping under 5%, but I bet ya (shout out to Sarah) you better have stellar credit, 20% down, full docs and then the property has to appraise (cute new lender trick).
And if (as is being predicted) there is a rush on refi’s; you better have some serious equity in the home before the lenders give you “free” dough.
Now on the positive side; if you have a note tied into the “prime rate” you should see a nice change.
“Too short or not to short, part two” is still in the works;
As of yesterday afternoon we had not received an answer BUT with that said I did get 2 other ones.
One a short, only took a month.
The other a foreclosure that I have been fighting for; only took 2 months, several threats and lots of really good pictures.
Oh yeah; I did find a cool gift for Ana.