Wednesday, 19 September 2012

Fed’s latest stimulus may have little impact on mortgage borrowers

According to the Washington Post, The Federal Reserve's stimulus is a windfall for banks but is unlikely to benefit borrowers, analysts said. Major banks say they are leaving interest rates unchanged because they have fixed capacity to process loans, and cutting rates would overwhelm them with applications. The recent surge in refinancing will "burn out" soon because almost everybody qualified for a loan has already refinanced, said Mortgage Bankers Association CEO David Stevens.

Surprise, surprise.

Here's the article.

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