We have a few clients who check up on us every few weeks asking about the current mortgage interest rate on both a 30 year fixed and 5/1 ARM. I figured it’s time to post a chart of how rates have been doing since the beginning of this year (2008): Points on interest: The 30 [...]

I’ve received a lot of calls asking about rates today. Everyone calls and wants to refinance since the Fed lowered the federal funds rate by 0.750%. I patiently tell everyone that the two rates (federal funds rate and mortgage rates) are not directly related. In fact the two are sooooo unrelated that they actually moved [...]

Wow! 0.750% cut in rates. That means the Federal Funds rate is now at 3.50% and prime is at 6.50% (a full 1.750% reduction since September 2007). This is a complete surprise. The Fed wasn’t going to meet until next week. A rate cut was expected, but with the plunge in global markets yesterday, the [...]