The Fed is now buying Fannie & Freddie mortgages like it's going out of style so that the yields on the notes goes down (remember the inverse price/yield relationships of bonds) and the marketplace gets good mortgage refinance rates, currently in the 4.x range. If your mortgage is held by Fannie or Freddie and you want to refi, go ahead; we're borrowing it from the Chinese....
Details at Making Home Affordable.
Friday, April 10, 2009
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