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Will the Feds cut the discount rate on September 18th?

September 7th, 2007 categories: Real Estate Finance, Real Estate News

It seems that is the question everyone is debating these days. Today’s economic news may mean a Fed Rate cut is again more likely.

According to the Labor Department, we actually lost 4,000 jobs when expectations were that we would add 100,000 to 110,000 new jobs. The Labor Department also adjusted the numbers downward for the previous two months. This months loss was the worst Job Report in 4 years. Although this is bad news for many, the poor Job’s number helped lower mortgage rates today.

This morning’s surprisingly weak Jobs Report has helped Bonds breakaway from the 200-day Moving Average. We hope to hold these gains and are cautiously recommending floating loans now in this still volatile market. Rates could reverse if traders decide to sell bonds and take advantage of profits from today’s rally. Right now is a great time to take advantage of the lower rates to purchase a new home or refinance an adjustable rate mortgage to a fixed rate mortgage.

Rates for Friday, September 7:

Conforming 30 Year Fixed : 5.875% @ 1 points, 6.25% @ 0 points

Jumbo 30 Year Fixed: 7.0% @ 1 point, 7.75% @ 0 points

Conforming 5/1 Interest Only: 5.875% @ 1 point, 6.25% @ 0 points

Jumbo 5/1 Interest Only:6.5% @ 1 point, 7.375% @ 0points

Lenders are beginning to reintroduce loan programs that had previously been taken away or suspended. Look for low rates and more programs in the coming weeks. Refinance out of adjustable rate mortgages into fixed rate mortgages if possible.

Lysa Catlin
CMC Finance, Inc.
(858)456-3000 office
(858)630-6300 fax
loans@lysacatlin.com e-mail

This entry was posted on Friday, September 7th, 2007 at 5:13 pm and is filed under Real Estate Finance, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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