The Fed announced today that in a Global Effort - they are lowering the discount rate to 1.5% from 2.0%.  Most of those few people who are looking for a new home will conclude that mortgage rates are going to dive.

NOT SO FAST!  The stock market has taken a bath in the last few days - and if this brings confidence to the market place, money will likely flow back into the stock market first.

It could be Monday or Tuesday of next week before we see any movement in Mortgage Interest rates - we suggest that you follow the 10 Yr TB - although that is not a perfect predictor of mortgage rates.

If you would like a comparative mortgage interest rate quote - please call Steve and Eleanor Thorne, Meridian Residential, 919-459-1313