Whoa!  What in the wild world of sports happened yesterday?!   Mortgage rates absolutely tumbled, which is obviously great news for the housing market.   We actually saw rates on 30 year fixed rate mortgages drop as low as 5.25%. So what happened? In a bold move, the Fed announced that it would be buying up to $500B in mortgage bonds backed by the “Maeâ€? triplets, Fannie, Freddie and Ginnie.   Most of my sources think this was a smart move.   The net … [Read more...]