I mentioned in yesterdays Market Memo that although the Fed lowered it’s rates by 1/2% it didn’t seem to change long term mortgage interest rates. In fact, fixed mortgage rates went higher last week.
Howard Nugent at Wells Fargo sent me two interesting articles with a little better explanation about how mortgages work and what causes the interest rates to rise and fall. The Fed And You, and Mortgage Saga are excellent informative articles for anyone looking for a mortgage or helping someone else to find a loan on their home.
If you are looking for a home…give us a call. If you call 907 373–0999 it will ring on Jay’s cell phone and my cell phone at the same time. You get whoever picks up first…try it.