Despite Fed Rate Cuts Actual Mortgage only dropped 1/8 percent
For months the Federal Reserve has been cutting the rates that banks pay to borrow money, but this month those drops only translated to about 0.125 percent. Banks would seem to be pocketing the difference to either pay for their past losses or to try and lure investors back into the mortgage backed security market with higher yields. You might hope for a better rate, but you’ll be doing good to get approved for a loan let alone a gift baskets the way things are going in the mortgage market these days.
The average rate on a 30-year U.S. mortgage with no upfront points declined 1/8 percentage point to 6-3/8 percent on Monday, according to BestInfo Inc.
The 30-year mortgage rate with one upfront point dropped 1/8 percentage point to 6-1/8 percent.
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