The Fed announces it will purchase direct obligations of housing-related government-sponsored enterprises (GSEs)--Fannie Mae, Freddie Mac, and the Federal Home Loan Banks--and mortgage-backed securities (MBS) backed by Fannie Mae, Freddie Mac, and Ginnie Mae.
As volitile as the financial markets are this latest annoucement has created a flurry of purchasing of these mortgage-backed securites. Thus raising the price of the bonds and lowering mortgage interest rates.
What this means to the homeowner consumer is a great opportunity to either refinance or purchase. Now is the time to get a Annual Mortgage Review to see if this current rate environment can benefit you.
If you have any questions, do not hesitate to contact me.
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