Now that the FED have cut interest rates another 1/2 point we should eventually begin to see the reflection in mortgage rates. I have had several past clients call me to ask if it is a good time to refinance or to acquire a new home loan. I am telling everyone to KEEP CALLING YOUR LENDER!!!
The banks and lending institutions are trying to recuperate some of their losses during this time, but they will eventually have to lower the rates that they are offering to the consumer. Everyone wants to make money. Lenders are not going to tell you the borrower that "these home loans will be on sale this weekend" like Macy's does. Just keep checking with a Lender that you trust and soon they should offer you a great rate!
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