This Week's Fed Rate Cut

As many of you have heard, the Federal Reserve made an emergency half-percentage point rate cut this wee, reflecting concern that the spreading Cororna virus epidemic will hit U.S. and Global growth in months ahead. So, many are asking what this means for mortgage rates?

The mortgage backed securities don't follow the prime interest rate directly. But the reality is that we have hit a new 50 year low for interest rates and it may be an amazing time to refi, take cash out for home improvements or utilize some of your equity to diversify your investment opptys.

We don't expect the rates to continue to drop and we are at all-time lows.

If you want to discuss your options, please email me at rod@journeyhomelending.com. If you can send me your current mortgage statement, I'll prepare a side-by-side analysis and we can see what (if anything) makes sense.