The Fed in a cordinated effort with other Central Banks just cut rates by one half point to try to stabilize the markets. This initially put downward pressure on mortgage rates, but my mortgage contact expects that it will be a very volatile day with rates moving in both directions. Rates this morning were around 5.5% on a 30 year fix, which is lower. Now we will see if the rate cuts and the bailout package leads to continued lower rates.
We are seeing labor costs come down on some items, so this is good news for those wanting to build. The slowdown has subs reducing their pricing to keep work flowing.
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