What does the Fed’s three-quarter point cut today mean for mortgage refinances?

I got a jumbo loan in October 2007 at 6.125% (I’m in the SF Bay Area). Since the Fed rate has been cute by 2 points since then, and I understand that as of June my loan will become a conforming loan, what kind of refinancing rate could I reasonably expect to obtain this summer? By “reasonable,” I mean nothing shady, just run of the mill Bank of America or Wells Fargo type solid deals.

Thanks!

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