Rate Update October 29, 2008- Fed Day

Posted on by Evan in Rate Update, The Fed

Mortgage rates moved higher again today.

The volatility in mortgage rates has been unprecedented as of late.  From Monday of last week to Thursday 30 year fixed rates dropped from 6.25% to 5.75%.  Since Thursday to today 30 year fixed rates cycled back higher rising from 5.75% to 6.375%.

Today all eyes are on the Fed.  They will announce their interest rate decision at 2:15 EST.  Watch today’s you tube video for more information regarding this announcement.  Let us remember that a cut to the Federal Funds rat DOES NOT necessarily mean that mortgage rates will move lower.

We do believe that because of technical trading patterns it is a good idea to float into the Fed’s announcement.

Current outlook:floating

Source of chart: wsj.com

The views and opinions expressed in this site are those of the author(s) and do not necessarily reflect the official policy or position of Cherry Creek Mortgage Co., Inc. This is for informational purposes only. This is not a commitment to lend.