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If you're anything like me, you're wondering why the loan industry hasn't seen an increase in activity since interest rates were cut. This article will help you to understand some of the variables involved. From The Morning Call
Borrowers find mortgage loans aren't moving lower in spite of the Federal Reserve's interest reductions.
Consumers like Valerie Jacobsen aren't getting much of a break on borrowing costs even after five months of interest rate cuts by the Federal Reserve.
Jacobsen, 30, wants to refinance her 7.25 percent first and 8.5 percent second mortgages into one loan at a lower cost. To cut the payments enough to recoup her $3,000 in closing costs, she needs a rate well below 6 percent. She wasn't ready when costs dipped in January and now they're back at levels that make her plan too expensive, the Austin, Minn., resident says.
''Rates I'm seeing aren't really mimicking what the Federal Reserve is doing,'' Jacobsen said. ''I'm wondering why that is.''
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