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St. Louis Real Estate - St. Louis Mortgage News (Part Two)

http://www.stlouisrealestatevoice.com Posted by doug63026 1708 days ago

Well when Federal Reserve Chief Bernake took his first swing it was a big one. As previously written a .50% rate cut was not the consensus of the Fed watchers. Now we have the cut and we have to see how the markets react. Initially the Dow took off, but the bonds were slow to follow. At this time the mortgage backed securities are up 13/32 on the day which is just shy of .5% in our pricing, not quite the equivalent of .125% to the consumer. Should make 6.25% a hard number for tomorrow, but the question will be what about the day after and the day after that. Too many people are trying to guess what the next move will be.

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