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Friday, March 21, 2008

Despite Fed rate cuts, mortgages are still elusive for some

March 21 2008
Given the complexity of problems in the mortgage and credit markets, Fed's rate cuts may not have a clear effect on long term fixed rate mortgages. Thus far, Fed's interest rate cuts have only lowered short term adjustable rate mortgages. However, people are hesitant to take these risky mortgage loans, prefering the safety of fixed rate mortgages. But lenders, in order to cushion against the risks of foreclosures, are keeping fixed rate mortgages high. Getting a mortgage is still a challenge for some home buyers.

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