Refi’s up 82%
March 26, 2008 by Bob Schenkenberger · 1 Comment
The Mortgage Bankers Association (MBA) reported today, that total mortgage applications spiked 48% last week following the Federal Reserve’s move to cut short term interest. The index that tracks refinance application actually went up 82.2%, while purchase loans were up 10.6% What I’d like to know is what percent are FHA loans. The reason for this [...]
The Fed lowers .75% and mortgage rates rise….
March 18, 2008 by Bob Schenkenberger · 5 Comments
What? The Fed lowered the Fed Funds rate today .75% and mortgage rates went up? Yep, that’s right. That doesn’t make sense. I thought if the Fed lowered rates, mortgage rates would follow? Nope that’s not how it works. ”Mortgage rates frustrates buyers” was a timely article in the Denver Post this past weekend and it’s a must read [...]