Wednesday, January 23, 2008

75 Basis Points, A Day Later

by Ken Houghton

We didn't discuss the interest rate cut here yesterday (though Felix Salmon understood the impact of my one related comment at MarketMovers*), partially because I assume everyone who isn't here for the Legos and kid pix and cars and religion and SFWA went to Mark Thoma's blog and found all the links they could want.

Today, we still don't need to say anything, because Steve Randy Waldman's analysis says everything I would have yesterday, and gives it a context that will stand the test of time.

UPDATE: Felix Salmon appears to agree. So that's two people on two continents. Get thee to Interfludity!

*It will interesting to see if people who want to refinance now, solely to reduce rates or terms (i.e., even excluding MEW) will be able to do so.

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Re the footnote, that's certainly my question as rates are heading under our 5.65% 30-year fixed loan from late '04.
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