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Coronavirus effect could be 'far deeper than the subprime crisis,' says mortgage company CEO https://www.cnbc.com//coronavirus-effect-could-be-far-deep

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On Sunday, March 15, the Federal Reserve took action for the second time this month, cutting interest rates by a full percentage point to near zero. They also stated they would buy $700 billion in Treasury Securities to help stabilize the current economy. This move was expected and came in response to the market volatility caused by the coronavirus pandemic. What does this mean for mortgage rates? As of right now, nothing. The Fed funds rate doesn’t directly affect any mortga...ge rates apart from home equity credit lines. While it often moves in the same direction as the traditional 30-year fixed mortgage rate in the long run, there is generally no immediate impact and mortgage rates remain near historic lows. As your trusted resource, I will make sure to keep you up to date on all market movements through this quickly changing environment. If you have any questions or would like to discuss your mortgage, please call.

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