its more complex than meets the eye
the fed cutting rates is more short term lending, mortgages are long term and typically mirror the 10 Year US Treasury, and the biggest movement of mortgage rates are the buyers and sellers of the Mortgage backed securities on the second market.
today was fucking nuts - priced out deals but could not lock them in. I have been working 10+ hours a day to keep up with the demand.
No.. its just 100% absolute bullshit by greed infested bankers
The banks will never let the mortgage rate back to fed fund rates, as Fed is giving them free money.
How in the world banks can lose money when Fed giving money free to them and the banks give us zero in return while charging middle america 3.5% on mortgages?!
If Fed wants to save economy, give the home buyers low apr loans directly, not via banks.
Avoid middle men and brokers.
FED reduction in rates to 0% was not meant for middle and low income citizens or lower mortgage rates.
It is for the elite and 1% society and their businesses.
Golden Rule-Those with the gold make the rules.
oh.. but just fckin wait..
Just wait til home prices start crashing. They'll fast track you like you're a Hollywood star.
I have a family friend at at a huge bank that has recently been at the center stage of controversy.
With that said they are currently using tactics such as long processing times in order to void documents and start the process over again.
There is enough processors but their requirements are lengthy and at the time of finalizing ,documents are either expired or missing when an underwriter is reviewing them.
They really are just snakes trying to nickle and dime you.....
