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Fed Cuts Interest Rate 3/4 of a Point

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The Matrix

Senior Member
Joined
Apr 28, 2003
Professional Status
Certified General Appraiser
State
Colorado
Will this create a refi boom for appraisers? It's time to refinance your debt.
 

Rudy Canoza

Senior Member
Joined
Sep 27, 2003
Professional Status
Certified Residential Appraiser
State
California
Great! Now all those folks who are upside-down and have those old no-doc, stated-income loans can refi. Another stroke of genius...
 

liznindy

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
Brace yourself for "comp check" phone calls..
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Quote:
Fed meets on Jan 31. From what I read, 92% chance they will drop 1/2%.
I am betting they drop it ½% TOMORROW (22nd) in emergency session...AND pump more cash into the system.
It's not just about RE anymore. This is system wide.
Called it last night in another thread...they just took a somewhat bigger bite of the apple...you could see it coming when the Japanese and Chinese markets tanked on Monday.

It's time to refinance your debt
I have a 5 1/8th % loan from 5 yr ago...My banker just told me I could refi at 4.86%... wow.
 

Laughing Heir

Senior Member
Joined
Oct 16, 2007
Professional Status
Certified General Appraiser
State
Pennsylvania
My friend sells wholesale for a large conforming lender - they broadcast an e-mail to all reps that 15 year mortgages will be available at 4.25% by the beginning of next week.

How low will it go...
 

Rudy Canoza

Senior Member
Joined
Sep 27, 2003
Professional Status
Certified Residential Appraiser
State
California
How low will it go...

If you're upside-down, can't verify income, and credit is in the toilet due to the meltdown, it could be 1% and it still wouldn't matter. Remember the '90's when everyone was upside-down? That great 125% second loan program was developed for just that reason...it prolonged the mess.
 
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