Have an Interest in Interest???
There is a popular misconception that when the Feds lower the prime rates, existing variable rates and any new home mortgage quotes will follow.
Two weeks ago, when the Fed lowered the rate twice as much as was expected, I got a lot of calls from potential home buyers and owners that were wondering when they would see a significant decrease in their house payment or recent quote on the house they were about to close on.
Believe it or not, I heard the word conspiracy thrown around more than once, and many innocent loan officers must have felt their ears burning with unfounded accusations.
Don't be embarrassed if you don't understand. Surprisingly many Real Estate agents don't know how it works. I know how it works, but am not good at explaining it.
So... I've found an article that does a pretty good job of getting the information out there. If your interested in finding out for yourself click on Fed Rate Cut and educate yourself. You'll find good info, and you will be better informed than some Realtors.
Good Luck, If I can be of any help, give me a call 801-567-0946