Tomorrow is the day we’ve all been waiting for….

At 2:15pm, the Federal Open Market Committee (FOMC) will release their policy statement. At 2:15pm we find out if Quantitative Easing becomes a reality. At 2:15pm we find out if mortgage rates are destined to retest record lows.

Let’s recap the “What If’s” one more time…

 If you’re still a passenger on the float boat, it’s because you made a decision to pass on rates below 4.25% in favor of a chance to lock in a rate below 4.00%. It’s because you decided to PLAY THE RANGE UNTIL BERNANKE PLAYED YOU

On November 3, 2010 I anticipate the Federal Reserve will announce another Quantitative Easing program. This event is expected to lead consumer borrowing costs back down to record lows, which means we should see mortgage rates dip below 4.00% with much more attractive float down structures (in terms of how long it will take to recover points paid at closing).

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