Cleveland Real Estate Information - Mortgage News - Rates and Rate Projections - www.cjharrington.com

Posted By;
CJ Harrington
Keller Williams Realty
www.cjharrington.com
cj@cjharrington.com
440.336.0612
2009
As you all should be aware, the Fed cut the target Fed Funds rate from 1.00% to a range between 0.00% and 0.25%. The 75 basis point cut was larger than the consensus forecast for a 50 basis point cut. This marked the first time that the Fed has targeted a range rather than a fixed value. The Fed's has confirmed that economic conditions have worsened recently and suggested that rates will remain at extremely low levels for an extended period of time. Also, the Fed claims they will employ "all available tools" to stimulate economic growth, including the purchase of stock and mortgage-backed securities.
So it looks like 30 year fixed rates in the 4's are here to stay, and some predict they could go as low as 3.50%. This may be a stretch.
Furthermore, the Fed has already bought 8 billion in mortgage backed securities by Fannie this which foreshadows that they are committing.
What this should mean to the average consumer is that now is the time to buy or refinance into some of the best rates of a lifetime. If you should have any further questions, feel free to contact us. Best wishes and happy home buying.
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