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When you click on the link below, enter my name Dawne Davis and you will be directed to my race web page:
http://www.nashvillerftc2007.kintera.org/faf/r.asp?t=4&i=232528&u=232528-190
Middle Tennessee Real Estate News...
What is the "net net" from the recent rate cuts? ... Joe Repass, Countrywide Home Loans, Home Loan Consultant Sent the following last week:
"As you may have heard, the Fed cut rates by .5%. It's been four years since the Fed cut rates, so it's been a while since I have had to field questions about how this cut affects mortgage rates. The first misconception is that when the Fed cuts rates, mortgage rates go down as well. Mortgage rates are not established by the Federal Reserve, but the Fed policy has an effect on mortgage rates. The mortgage industry and Wall Street have been anticipating a Fed cut for some time now. The mortgage industry speculated a .25 cut by the Fed; Wall Street wanted .5 cut. Mortgage rates had already priced in a .25 cut, but a .5 cut was generally viewed as a bad thing. Here's why: if the .5 cut gives a boost to the stock market, then investors will move money from bonds to stocks. Mortgages are securities and therefore sold in the bond market, so if people sell and the demand is weakened for bonds, mortgage rates could suffer. So far, this cut has been kind to first mortgage rates and we are holding on to our gains and even seeing slight improvements in areas, but we are cautiously watching the bond market. It appears that both markets are having a party over the good news, so let's hope that this results in some stability in both and we can start selling homes again. The one area of home financing that benefited immediately from the cut are Home Equity Lines of Credit (HELOCs). Since HELOC's are tied to the Prime Lending Rate, they went from 8.25% to 7.75% today. Joe
Joe RepassSales ManagerDirect: 615-309-7950Cell: 615-400-7564Fax: 615-376-5449"
Joe_Repass@countrywide.com
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