Mortgage rates tumbled yesterday as a result of the Fed announcement that they will be buying mortgage-backed securities!

What does this mean to you?  30-yr fixed rates are now at about 5.25% with 1pt OR 5.5% with no points!!!

Compare this to average rates just from earlier this week – 5.75% with 1pt or 6.125% with no points.  That’s almost a $100/mo payment savings in just two days!

And … if you compare this to Freddie Mac’s estimated average 30-yr rate of 6.3% for next year, that’s about a $230/mo savings.

Marie Funston | Senior Mortgage Advisor | 750-7270