Mrcauser’s Weblog

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About time….

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Now  we can all buy a new house with our unemployment checks.

No wait. That’s what these giant new stimulus checks are for.  Good thing we changed Presidents. Wouldn’t no what to do with out an experienced hand at the helm. Opps I forgot Mac lost.

Mortgage rates plummet after $800 billion credit infusion – Nov. 26, 2008

NEW YORK (CNNMoney.com) — Mortgage rates fell sharply yesterday after the administration announced that it will pump another $800 billion into credit markets to free up frozen consumer and mortgage lending.

That number dwarfed previous government actions aimed at bolstering the mortgage lending market.

“The feds agreed to spend a half a trillion dollars to buy up mortgage backed securities and another $100 billion to fund lending for Fannie and Freddie; we’re not talking chump change anymore,” said Keith Gumbinger of HSH Associates, a publisher of mortgage information.

Rates averaged 5.77% for the day on a 30-year, fixed rate loan, down from 6.06% Monday, according to Gumbinger. They fell as far as 0.75 percentage points during the day, according to Orawin Velz, Associate Vice President for Economic Forecasting at the Mortgage Bankers Association.

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Written by mrcauser

November 28, 2008 at 7:15 pm

Posted in Uncategorized

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