Tacoma's #1 Mortgage Expert

The Federal Reserve along with other central banks around the world made a concert unprecedented coordinated interest rate cut of 1/2%.  Trying to stabilize the financial markets, the Federal Reserve is pulling out all the stops trying to jump start our economy.  The immediate reaction to the interest rate cut in long term interest rates was negative.  As a matter of fact we had several of our wholesale lending partners reprice their loans throughout the day.  Interest rates increase anywhere between .25% - .5% in discount points.  Looking ahead, I would expect interest rate for home loans to vary in a range of 5.25%-6.00% over the next few months.  Also, we have not experienced any shortage of lenders making loans.  Contrary to the media reports, we are closing loans everyday!

Kevin Tinsley Tacoma's #1 Mortgage Expert