I’m confused. If interest rates are going down and the mortgage rates aren’t really dropping…who benefits?
Everything I read says the short term interest rate drops fueled by the Fed don’t really translate to lower interest rates and that because loans are harder to get, banks have to make a profit on the limited number of qualified applicants they get (so they keep their rates high). I thought the point was to make it more desirable to buy a house by giving a lower rate, and therefore get us out of this mess.
I’m looking to refinance my current home and possibly pickup some investment property. That’s the reason I’m asking the question.