Scott Storace - Branch Manager, 100 Pacifica Drive Ste. 140, Irvine CA 92618 NMLS #226339 949.973.0141

"From the minute you call me to the minute we close, I have your back. No hassles, no banker’s hours & quick response times." - Scott Storace

  • Home Loans up to $3,000,000
  • Interest Rate Float Down Option
 

Have Questions? Call 949.973.0141

FED Decision Leads to Lower Rates

Orange County, CA – The Federal Reserve Open Market Committee decided not to begin tapering it’s bond buying program, known as Quantitative Easing 3. This decision came as a surprise to the financial markets which had priced in such a change. This surprise led to a quick improvement in interest rates. Over the day they declined approximately 0.125%. Since that time, rates have continued to drop. The 10 yr. US Treasury bond had fallen to 2.61 from a high of 3.00. Since that time, Freddie Mac reports the average 30 year fixed mortgage rate has dropped from 4.50% to 4.32% after paying 0.7 discount points.

Contact me to get more information about applying for a new mortgage during this rate respite.

Scott Storace

 

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