To help the economy succeed, the Fed is certainly using its ability to the max. Coming out of the FOMC meeting Wednesday, the Fed announced “Operation Twist” — a strategy of selling its short-term securitiesto buy long-term bonds to drive down long term interest rates, especially for mortgages. This latest Fed effort to help the housing market is great news for anyone thinking of buying a home, as mortgage rates should stay very very low. Trent Pride ’00 Sr. Loan Officer, Prime Lending 3091 University Dr. E, Building 1, Suite 110 Bryan, TX 77802 PH: (979) 220-9135 … Read entire article »

National average mortgage rates continued to drift downward, again hitting new record lows. And borrowers are responding, with demand for purchase loans up 7% from the week before, according to the Mortgage Bankers Association. Refinancing applications are also up. Freddie Mac’s chief economist noted the average interest rate on outstanding mortgages is 5.28% and that refinancing into a 30-year fixed mortgage at today’s rates could save $1715 a year in interest on a $200,000 loan. Trent Pride, Sr. Loan Officer, PrimeLending … Read entire article »