mortgage market

Mortgage Rates Monday December 15, 2008

by steverussell on December 15, 2008 · 4 comments

in Gulf Coast Mortgages

Christmas is near and Santa’s elves are hard at work delivering low mortgage rates for all the good boys and girls.  The Fed meets tomorrow and Wednesday with the expectation of dropping the federal funds rate by .50% virtually a lock.  In addition, analysts say there is nearly a 70% chance they will drop the federal funds rate by .75%.  Since the Federak Funds Rate is already at 1%, they are getting closer and closer to paying financial institutions to take money (wink, that will never happen).

Since the immediate reaction in the mortgage market to a reduction in the federal funds rate is often negative, be prepared for some volitility in the mortgage bond market this week.  The rates below are as of 4:00 Central Time on 12/15/08:

  • 5.000%  30 Year Fixed
  • 4.875%  15 Year Fixed
  • 5.000%  30 Year Fixed FHA
  • 5.000%  30 Year Fixed VA

For more information about your loan, call Steve Russell with Primary Residential Mortgage at 850-221-8334.  Or visit www.SteveRussellOnline.com.

*Rates are subject to change without notice.  Click here for the specifics on the rate quotes listed above.

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