From begrudingly cutting rates 25bps just a few months ago, the Fed has dropped rates 125bps in a week. With the Fed Funds down to 3%, the Fed has reacted aggressively to a slowdown that went from credit, to housing, to the economy as a whole. While this will be helpful to those with equity lines, and looking to refinance, these lower rates will not have the complete desired effect with out a raise in the FHA limits to atleast Frannie and Freddie Mac limits. There has not been a raise in the FHA limits for 2 years, and let's face it - the time has come.
Flagstar Bank - Wilmington, NC
Well you asked for it and you shall get it. Look for this to happen the 3rd week of February. We know for a fact that this was passed and will be happening in 3 weeks!
Also, with Jumbos disappearing with the Brokers, I still offer them. Jump on board and give me a call. Licensed in all 50 states!
Jan 31, 2008 02:47 PM
MacNificent Properties, LLC - Cobb Island, MD
Broker/Owner - VA & MD "Time To Get A Move On!"
yeah..that and Fannie Mae has to remove the stigma of the "declining market" it is making hard for people to get loans...and buyers are hard to come buy these days
Jan 31, 2008 03:05 PM
Cornerstone Realty Partners - Staten Island, NY
Kurt,
That would be great news, when should we be hearing about this, feel free to contact me with some info.
Jan 31, 2008 03:12 PM
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