Despite Fed Rate Cut, Your Mortgage May Be Just As Expensive As Before

Mortgage rates are higher now than last week, back up to 6.5 percent for a fixed-rate 30-year loan. The Fed’s 0.5 percent was actually two quarters: the federal funds rate had been trading near 5 percent, 0.25 percent off-peg, for a few weeks. That was an intermeeting ease not formalized, a deft piece of central banking: if formalized, and then the crunch dissolved by itself, the Fed would have had to execute an embarrassing formal reversal. Instead, Sept. 7 news of sinking payrolls (an economic fade additional to and independent of housing and the crunch) made it easy to formalize the first quarter and add another.

The Mortgage Kit: Select the Right Loan, Lock in the Lowest Rate, Negotiate the Best Terms (Mortgage Kit)

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