After Tuesday's Federal Reserve interest rate cut, mortgage rates dropped more than I thought possible just two weeks ago. I had a buyer lock in a 30 year fixed rate at 4.75%! That is simply unbelievable... With rates having dropped from 6.25% a few months ago to 4.75% - 5% today, buyers with a loan amount of $200,000 would save up to $188 per month! Their other option would be to"step up" their home search since this rate reduction has increased their purchasing power by a substantial $36,000 and keep the … [Read more...]