Ryan’s Mortgage Blog:
Well, a lot has happened this week in terms of rates, but what’s new? The Feds dropped short term rates once again, but that wasn’t the surprising news, we all saw that one coming. The big news is that the Federal Reserve, European Central Bank and three other central banks joined forces to ease the credit squeeze threatening global growth, in the biggest act of international economic cooperation since the Sept. 11 terrorist attacks.
As Bloomberg.com stated, “The Fed said in a statement it will make up to $24 billion available to the ECB and Swiss National Bank to increase the supply of dollars in Europe. The Fed also plans four auctions, including two this month that will add as much as $40 billion, to increase cash in the U.S.”
The 30 year fixed rate has dropped below 6%. That should be enough to explain how low rates are right now.
As a reminder, now is a great time to make home improvements and purchases because of the holiday sales, especially on spring/summer items. Good time to get that new air conditioner (for those in North County).
Unrelated news…If you go to Reno, the El Dorado has a great Buffet, but stay away from the Peppermill’s, the quality of food was sub par to be nice. But, I don’t want to bash the Peppermill, it was my favorite place to gamble and had the nicest sports book in Reno, along with the biggest Poker room. While I was in Reno I toured the city and tried as many places as I could, so if you are going there, let me know, I’ll point you in the right direction 🙂
If you have any mortgage related questions (or Reno related) you can reach me at RBaker@PeregrineLending.com or 805-540-0866.