According to CNN Money, the FED announced its plan to purchase $40 billion in MBS per month to support mortgage markets and keep mortgage interest rates low. The announcement comes off of continual news of sluggish economic growth and lack-luster job creation in the private-sector. According to the Fed’s official statement, the bond-buying policy, “…should put downward pressure on the longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative.”
For homeowners looking to purchase a home or refinance their mortgage, this is good news. Interest Rates are at historical lows and this recent announcement could possibly move rates even lower.
On Q Financial is ready to help consumers take advantage of these favorable market conditions. Refinancing your loan may be a great way to lower your monthly payment or reduce your total mortgage debt. Even if your home is “Underwater,” On Q Financial may be able to refinance you into a low rate.
Click here to contact an On Q Financial Mortgage Consultant for more information.