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When the economy hit the skids in September 2008, the government made a massive intervention. In addition to formal stimulus from Congress, the Federal Reserve did what it could to loosen up the credit markets. One of the Fed's most well-known programs was its commitment to buy $1.25 trillion in mortgage-backed bonds in the open market. Internal studies from the Fed say the program lowered rates by 1 percent last year. The program ends March 31, 2010.
I've been posting near-real time mortgage rate updates on Twitter since 2007. I do it because mortgage rate information is "protected" and rate shoppers need every edge they can get. When you know that rates are falling or when rates are rising, you can time your mortgage lock to get the best rate possible. Come find me on Facebook, too.
