The bond and mortgage markets opened better yet again this morning, still reacting to the Fed’s surprise yesterday saying the Federal Funds rate would stay at 0.00% to 0.25% clear out to the end of 2014. Prior to yesterday the Fed was saying mid-2013.
The motivation from the Fed is that the central bank has lowered its forecasts for US growth this year and next. Fed Chief Ben Bernanke apparently is now more concerned about growth than he was six weeks ago.
What does all of this mean to you and me? Mortgage rates will stay low and it’s time for an annual review of your mortgage.
Many of you are already proceeding with reviewing your refinance options and anyone interested in interest rate or interest cost reduction should be looking at this right now.
How low will rates go? That’s a very good question; we have been at or near historical lows for quite some time. One thing is for certain; those who act first will be done first.
What should you do? Call or e-mail me for an analysis, If you want faster action, you can apply on my website and I will evaluate your situation and advise you before proceeding: https://0990471896.secure-loancenter.com/WebApp/FullAppLogin.aspx.
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