Some progress this week by the authorities has helped mortgage rates fall to the 5.75 percent area for the first time since January. However, the improvement is limited to vanilla "agency" loans, the jumbo and even agency ARM markets still broken. The credit crunch is still alive, growing tighter, and the financial system is unstable. more…
Tags: Industry News · Inman Real Estate · Mortgages · bear stearns · bernanke · credit crunch · economy · lou barnes · mortgage rates
The Federal Reserve today cut 75 basis points from two key short-term interest rates — a move that in less turbulent times would have been viewed as a drastic measure, but which fell short of some investors’ expectations for a full 1 percent cut.
The Fed’s actions fueled a stock market rally, but aren’t expected to have an impact on long-term interest rates like mortgages until investors who fund loans return to the secondary market where they are bought and sold. more…
Tags: Industry News · Inman Real Estate · Markets & Economy · bernanke · faucher · fed · federal reserve · mortgage rates · rate cut · short-term rates · treasury