It's time to refinance those loans! If you have anything other than a 5% mortgage right now you have to go refinance. The move by the Federal Reserve and Fed Chief Ben Bernanke surprised the markets on Wednesday in saying that they will buy up to $300 billion worth of long term US government debt over the next six months and expand purchases of mortgage related debt to help ease credit market conditions.
The news sent the stockmarket higher as well as bolstered bank stocks as profit margins will widen greatly for them. The move was also recognized by gold as the inflationary consequences will be seen down the road from basically printing more and more money to put into the financial system. The US dollar was also moving strongly downwards.
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