Feds’ Emergency Action

If you’re thinking about locking rates on a mortgage refinance, then pay attention to the 30yr fixed mortgage rate this week and next week. It might drop all the way to 5.25%.

“The central bank, in an extraordinarily rare weekend move, took the bold action Sunday in an attempt to calm the markets. It also approved a cut in its emergency lending rate to financial institutions to 3.25 percent from 3.50 percent, effective immediately.” -Seattle Times & Cnn.