The Federal Open Market Committee met today and decided to keep the Federal Funds Rate between 0% and 0.25%. Below is a quote from a very good analysis on Businessweek:
The FOMC stuck to its target range for the federal funds rate at 0% to 0.25%, and signaled that rates are likely to remain at exceptionally [...]
Posts Tagged ‘interest rates’
Interest Rates to Stay Low for “Extended Period”
30 Year Fixed Mortgage Rates Fall
The New Year has been good to mortgage interest rates so far. Rates are hovering at 5.00% these days. This is just the beginning because the Fed just started buying mortgage papers from Fannie, Freddie. Today the Feds bought $10.2 billion worth and they have a target of buying up to $500 billion by the [...]
Senator Pleads Ignorance, Revealing Incompetence
There is a scandal brewing in Washington involving members of the Senate Banking Committee and Countrywide. Apparently these guys were getting “special deals” from Countrywide and are now pleading ignorance. I guess the trick is when you’re getting special treatment the best thing to do is not ask questions. I’ll have to keep that in [...]
Should I Refinance My ARM?
This is a very common question I get from people these days. Finally, I found a video which makes it very clear for people and it’s from none other than Suze Orman. Now, regular readers of this blog know that I don’t always agree with her, but this time she’s hard to disagree with:
Rates Climb Back Up to Early January Levels
What the market gives the market takes away. As you can see the 30 year mortgage rate is almost back to where it was earlier this year (2008). The ride back up has been very volatile, with two and on occasion three rate changes on any given day. Sometimes the changes have been in [...]
Rate Cut: Federal Reserve Slashes Rates by 0.50%
The Federal Reserve cut the key federal funds rate today by 0.50%. It is now 3.00% (which makes prime = 6.00%). Here is a brief snippet of what the Fed said today:
Financial markets remain under considerable stress, and credit has tightened further for some businesses and households. Moreover, recent information indicates a deepening of the housing [...]
30 Year Fixed Mortgage Rates Fall Well Below 6.00%
I’m sure you’ve all heard by now that 30 year mortgage rates are at a two year low. It’s not too late for Phoenix area borrowers to take advantage of the recent decline. This is a great time for those in adjustable rate mortgages to think about refinancing. The last time rates were this [...]
