The saying goes “the pen is mightier than the sword” which was the case today as 30 year fixed rates dropped below 4.875% for the first time in history! Contrary to popular belief the fact that the Fed lowered it’s “target” for the Fed funds rate to 0-.25% is not why mortgage interest rates dropped. Mortgage interest rates dropped because of what the Fed said not what they did. So what did they say you ask……read more
