Are Mortgage Rates Lower Now with Fed Rate at 2.25%?

With Fed Rate at 2.25% the mortgage rates are much lower now but not the same everywhere. I found that just one lender may have different rate pricing depending on state. For example Wells Fargo had a 30 year fixed in FL at 5.75% while in CA the same term had a 5.875% fixed rate and MA had 6.125%. Lenders who use their money money were offering rates as low as 5.25% 30 year fixed. I suggest you shop around before you lock into anything.

FED CUT FED RATE 0.75% TO 3.50%

After an ugly start in the stock market the Federal Reserve came out shortly after 8AM and announce a Fed rate cut of 0.75%. This rate cut will help the housing and mortgage market. This morning a 30 year fixed mortgage rate was 5.125% no Points. This is great news! It's great time to refinance right now to a 30 year fixed mortgage and also buy a new home. The rates are very low and the home prices in many areas are down 5% or more.

Ally
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