Last week was a week of mortgage rate volatility due to the market. There were more reposts and changes to rates than what has been seen in the recent past. The good news: the rate cuts from last year affected the current rates and so we have seen a trickle down in the long-term rates. The unique news: Fed may cut rates again by a quarter to a half percentage point which will hopefully further drive rates down over the coming months.
If you get a chance read this article on a different view of the past few rate cuts. http://money.cnn.com/2008/01/28/markets/morningbuzz/index.htm?postversion=2008012809
Keep your eye out for more information this upcoming Wednesday. Get ready for another wild week. None of the negative talk of recession changes the fact that rates are definitely better and if you need to refinance, now may be the best time. Have a great week.