Today the Fed cut another .75% from the Federal Fund Rate and the Discount Rate. You don’t have to be a student of the machinations of the economic system to ask, “what’s in it for me?”
Twin Cities mortgage banker Alex J. Stenback, who writes a fascinating blog called Behind the Mortgage, documents recent rate cuts that correspond to an immediate rise in mortgage rates — at least in the short term.
Of course, as he notes, the biggest factor for a lot of would-be mortgage applicants is the availability of the money as well as demands for higher downpayments.
About the blogger
Bob Collins has been with Minnesota Public Radio since 1992, emigrating to Minnesota from Massachusetts. He was senior editor of news in the ’90s, ran MPR’s political unit, created the MPR News regional website, invented the popular Select A Candidate, started several blogs, and every day laments that his Minnesota Fantasy Legislature project never caught on.
NewsCut is a blog featuring observations about the news. It provides a forum for an online discussion and debate about events that might not typically make the front page. NewsCut posts are not news stories.