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Today's Fed funds level is nothing new. Here is what is happening
With all the talk of last weekend's Fed move- here is the history -
you can see we spent close to 8 years at today's Fed's Funds level, so it isn't anything new. What we have today that did not exist in 2008 is a lack of an appetite in the markets for ANY investment. The only thing experiencing a run up is the Dollar- with its biggest run up in 30 or so years. Investors are going to ALL cash- So in the mortgage world that means that even with Fed Funds near ZERO- we have Mortgage rates that are up quite a bit since the low we saw the first few days of March and actually a bit higher than where we entered the year. Currently it is making sense to pay points today more so than it ever did, a zero point rate is ridiculously high but a point or so will pay back in just over a year and may give you a tax write off. 
The only solid buyer of Bonds and Mortgages in the past few weeks has been the Fed.  The MBS markets improve slightly when they step in as a buyer but quickly sells ... more

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