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Many people believe that when the Federal Reserve lowers their Fed Funds Rate .5%, that the 30 year mortgage rate will be .5% lower as well. For instance, before the fed came out and lowered the Fed Funds rate this week, a client of mine locked his rate on a 30 year mortgage at 6%. The news comes out about the Fed lowering their rate a .5% and he immediately calls me to see if we can cancel that lock request because he wants to get 5.5% instead. The truth is that although the Fed lowering the Fed Funds rate always … (2 comments)
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