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Mortgage Market Update 2:30 3/18/08 FED cut rate .75%

It's official, The Fed cut the rate by .75% to 2.25%. This is Less than the market (meaning wall street) was expecting. This could cause the stocks to loose a little steam as they were looking for a full 1point. We have repriced our fixed rates only for the better and I think we may see more of this kind of segment pricing. There's a real push in the market for "safe" mortgage paper. Fixed rates have a premium over Adjustables right now.

Keep an eye on the Stock market until 4:00pm - or just wait for my next update! Doing all I can to stay on top of this and still function as a loan officer in this market!

Good Luck,

Posted by Sherry Bradley on 03/18/2008 01:35 PM

Comments (6)

mortgage market update, fed, refi, refinance, finance, sherry bradley

6 Comments on Mortgage Market Update 2:30 3/18/08 FED cut rate .75%

Sherry - I heard anticipation was anywhere from a half to a full point. Sounds like the Feds took the middle ground. Will be interesting to see what this does to mortgage rates - every other rate cut has taken mortgage rates UP, at least temporarily!

03/18/2008 01:40 PM

by Stanton Homes - Penny Hull: Raleigh Area Custom Home Builder (Stanton Homes Inc - Raleigh Custom Homes)

Penny - Thanks for you comments...Rates typically go up just after the rate cuts because these "cuts" tend to spark the Stock Market. If the Stock Market surges, the bond market typically suffers...and that is why our rates tend to go up after the announcement. Great observation!

03/18/2008 01:43 PM

by Sherry Bradley (Fidelity and Trust Mortgage)

Me thinks I will watch and let the dust settle..... next week I hope we see some coming back to earth

03/18/2008 02:07 PM

by Joe Adams (Major Mortgage USA/Branch Manager)

If it means anything to you...I am going on vacation again in April so the rates will drop right! they always seem to drop while I am on vacation! LOL!

03/18/2008 02:09 PM

by Sherry Bradley (Fidelity and Trust Mortgage)

If all it takes for rates to drop is for you to go on vacation... where do I contribute towards a vacation fund?

03/18/2008 02:17 PM

by Rick Kellow

Rick -

That was a funny comment! But it is true...Every time I go on vacation, rates drop or hold really steady!

All the best!

03/18/2008 02:21 PM

by Sherry Bradley (Fidelity and Trust Mortgage)

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