The federal Reserve lowered interest rates today for the third striaght meeting of the FOMC. So now is the time to get the best home loan rates. So act now!!!! Why??? Because rates for many borrowers could actually increase soon. Fannie Mae and Freddie Mac have recently announced 2008 Loan Level Price Adjustments (LLPAs). LLPAs are automatic "penalties" based on credit scores, which means if you don't have a FICO score better than 720, it's may cost you in the form of points or higher rates.
I hope this has been helpful. So, if your thinking about securing a rate, right now may be a good time to take care of that.
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