How will the feed rate cut to 3.5% affect mortgage rates?
Will the fed rate cut bring mortgage rates down even further?Freddie Mac said the rate on a 30-year fixed-rate loan averaged 5.69 percent for the week climax Jan. 17, down from 5.87 percent last week.Answers: 10yr Treasury summary are what affect mortgage rates. Bond markets drive the mortgage business. The Fed cut will instantly impact Home Equity Lines of Credit since those are base off prime. Look for mortgage rates to drop. But don't expect them to leak further than .25% to .375%. There already very low.
Rates will be much lower!
Go to http://www.MyMortgageSaver.com to find the lowest rates!
Good luck,
Jon
How long until I return with a check from state of PA for job loss?
I lost my job on 12/31/07 (company be sold). I filed claim on internet on 1/2/08 and received a memorandum saying my claim be approved on 1/11/08. I filed my weekly claim on phone system on 1/16/08 per the instructions. I received a debit card but no money. When will state of PA distribute me money?Answers: My wife was on PA severance during this past summer and it took give or take a few two weeks for her to get a check after her first weekly claim that she file. Good luck on finding another job.
What's the best way to take advantage of the Federal Interest Rate Cut?
Answers: Get a Home Equity Line of Credit. Of course that is kind of a catch 22 since values of homes are down. But essentially the Fed dropping rates will put pressure on the bond market and drive up bond prices which in essense will lower rates in mortgages. But instant savings can be had with lower rates on home equity lines of credit. Overnight my interest rate dropped .75% 7.25% to 6.5% Sweet.