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Rates drop sharply on $600 Billion Fed Purchase - expect to see 5.5% 0 points in some cases

I only have a minute to post right now, but I wanted to make sure you're aware that there has been a dramatic shift in mortgage pricing this morning.

This morning the Fed announced it was going to buy $600 Billion in mortgage assets. This has had a huge impact on rates, with most mortgage rates at least .375% better on RATE than they were yesterday. If you’ve been waiting for the right time to lock a floating loan, or you’ve been waiting on refinancing for a better rate, it’s here. Today is the day to make that move, but don’t hesitate, because this may not be the case come tomorrow, and I certainly wouldn’t hold my breath waiting for next week.

I'll provide more news as soon as I can, in the meantime, I'm reaching out to everyone I can who has been considering a refinance so they can take advantage of this before it' too late.

Dan Hartman

Senior Mortgage Advisor

Province Mortgage Associates

(401) 263-8655

http://www.provincemai.com

Posted by Dan Hartman on 11/25/2008 09:12 AM

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Dan Hartman

Providence, RI

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Province Mortgage Associates - (401) 263-8655

Address: 10 Davol Sq, Providence, RI, 02903

Office Phone: (401) 490-4400 x 114

Cell Phone: (401) 263-8655

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Dan Hartman's Blog about mortgages, real estate, and the economy in New England, and the United States, especially Rhode Island Rates, Connecticut Mortgages, Massachusetts Rate Locks, and New Hampshire Home Sales. Let Dan leverage his MBA in Finance and experience as a college professor for you!

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