So, you are paying your mortgage...  what can this "bailout" do for you?

Last week, Secretary Henry Paulson announced that the Federal Reserve Bank was going to purchase a large amount of Mortgage Backed Securities(MBS) to inject some much needed liquidity and capital to the banks holding these bundles of notes.  The impact was felt immediately on the mortgage market, rates for fixed rate mortgages plummeted on the injection of dollars into the system, dropping the 30 fixed rate by as much as 1%. Just today Chairman Bernanke re-iterated this today in his speech before a group of business leaders in Austin, Texas which caused an initial knee jerk reaction and sent the pricing of MBS skyrocketing and causing the effective yields (interest rates) to fall.

It is time to do a mortgage check up, see where you stand and see if these lower rates can help you refinance, purchase a new home, or even an investment property.