rate cut

[Anonymous]

I have gotten good faith estimates and was going to meet with my mortgage person tomorrow.  I see the Fed. cut .25 off of the rates today.  Will that cut help me with me out at all?  I have not signed a loan app. or anything. 

Thanks for your help, I'm not too smart about all of this, but i'm learning!

[Anonymous]

IMHO- They are bottomed out to never return.

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@Anonymous wrote:

I have gotten good faith estimates and was going to meet with my mortgage person tomorrow. I see the Fed. cut .25 off of the rates today. Will that cut help me with me out at all? I have not signed a loan app. or anything.

Thanks for your help, I'm not too smart about all of this, but i'm learning!

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Message Edited by Timothy on 10-31-2007 09:31 PM

[Anonymous]

There are a ton of indicators that mortgage rate will rise and rise- no end in sight-

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@Anonymous wrote:
IMHO- They are bottomed out to never return.

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@Anonymous wrote:

I have gotten good faith estimates and was going to meet with my mortgage person tomorrow. I see the Fed. cut .25 off of the rates today. Will that cut help me with me out at all? I have not signed a loan app. or anything.

Thanks for your help, I'm not too smart about all of this, but i'm learning!

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Message Edited by Timothy on 10-31-2007 09:31 PM

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[ShanetheMortgageMan]

Today’s Fed rate cut actually increased mortgage interest rates a little.  When the Fed cuts rates it affects short term interest rate loans, such as car loans, home equity lines of credit, and credit cards… items that will be paid off in the short term.  Two different rates were cut today, the Federal Funds Rate (the rate in which banks lend each other money at) and the Discount Rate (the rate at which banks borrow money from the Federal Reserve at).  Those links are to detailed explanations from Wikipedia.

You can monitor direction of mortgage rates at http://www.usloanhelp.com/commlink.html