The Federal Reserve dropped their short term Federal Funds Rate an additional .25% last week which brings the total adjustment of 3% since the fall of 2007. The questions remains, why are mortgage rates not dropping in sync with the Federal Funds Rate?
Click on the link below to watch a CNBC video which includes an easy to understand explanation. Enjoy. Video title: Assessing Mortgage Rates - Making sense of mortgage rates, with CNBC's Steve Liessman.
If you have questions or comments, just ask.
Jim Hogan, The LoanSource
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