Mortgage Rates in Massachusetts plummet on news from Federal Reserve
The Federal Reserve announced a plan this morning to buy up to $500 billion in mortgage backed securities from Fannie Mae, Freddie Mac and Ginnie Mae. The goal of this move by the Fed is to lower the cost of borrowing on mortgages to borrowers in an effort to support the slumping housing market. The announcement immediately caused a rally in the MBS markets resulting in lower mortgage interest rates across the country.
Current mortgage interest rates in Massachusetts also will be going down today making it a great opportunity for many borrowers to lock in a rate and refinance their home mortgages. Call HomeQuest at 508-839-1117 to see what rate can be locked in for you whether you are looking to refinance your mortgage or need a new mortgage to purchase a home.