Tuesday, November 25, 2008

Fed to buy Mortgage Backed Securities!

Great news, the Fed decided to purchase $600 Billion worth of mortgage backed securities today which sparked a fantastic boost to mortgage bonds. Rates went down approximately .5% today, reaching roughly 5.25% on a conforming 30 year fixed. (APR 5.373) We could be in for a short term refinance boom in the coming days. Enjoy it while it lasts.

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