Wednesday, November 26, 2008

Feds change mind AGAIN now will buy bank assets

Okay so this sounds like a childrens playground sage we know, but the Feds now say they WILL buy the troubled assets with the TARP (trouble assets relief program) funds that they were given.

News on this development and the speed with which they announced they will try to put it onto the street drove mortgage rate strikingly low today. The market saw 5.25% par pricing on a 30 year fixed interest rate today! This is excellent news for everyone and shows just how quickly the market would be able to recover if only people would get off their overpaid behinds and make things happen.

With pricing flirting with the bottom range of 5% one has to wonder if it's too much to ask Santa for a mortgage note for christmas that start with a 4!