My loan officer said the rate cut would not affect my 30 year fixed rate loan. Am I being lied to?
July 5th, 2009 by Lenny
We live in Jacksonville, FL and are building a new house. Our loan officer said "That is for the short term rate not the 30 year but it should help down the road." regarding the rate cut by the Fed today. I feel like this is not right and this should lower my rate. Can someone tell me if I am being "taken" here?
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that was applied to DISCOUNT RATES….but the FED lowered the FED FUNDS RATE.
Par rate is at 5.875 with about 1origination fee on a 30yr fixed. this also depends on the score….down payment…etc.