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Coronavirus disease (COVID-19) & Your Mortgage

With the help of my Branch Manager, Mike Mazzola, this is the best way we can explain what is going on with the Fed cutting rates.  It does not mean you will get zero percent on your mortgage, but wouldn’t that be nice!  The 10-year Treasury Bond is low (mortgages rates follow this, typically).  So, if the 10-year Treasury bond fell to zero, mortgage interest rates would still be a few points higher for the lender to cover their costs to do business.    However, we are in an upside-down market and mortgage backed securities are not following the rules.

The Federal Reserve just cut rates to zero.  How does that affect your mortgage rate?  

The answer is not simple.  Our markets are not functioning as they normally do.  In the span of two weeks, mortgage rates dropped one half to three quarters percent in rate between February 26 and March 4th, only to see them quickly increase over one percent last week—the fastest I’ve ever seen them move!

The flood of borrowers to refinance has overwh…

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