Mortgage rates fell last week and that trend puts us in favorable territory this week. Rates fell last week reversing a rising trend over the prior two consecutive weeks. With lackluster corporate earnings, renewed credit concerns and rising oil prices investors are spooked about stocks. This makes bonds more favorable. Hence, the rise in bond prices and [...]

There is a lot of confusion regarding interest rates. I received a few e-mails and some phone calls asking if it was now a good time to buy real estate since the Fed cut interest rates. I replied that the Fed rate doesn’t affect home mortgage rates. The two are completely different animals. In fact [...]

Between First Magnus (Great Southwest Mortgage) closing shop and Countrywide going through some serious turbulencethings are very unpredictable right now. To calm markets the Federal Reserve just lowered the discount rate by 0.5% to 5.75%. The discount rate is what the Fed charges banks for short term loans. What is a consumer to do? If you have [...]