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Can anyone briefly explain the expected effect of the reduction of the Federal Funds Rate on 30-year fixed mortgage rates? I am refinancing approximately 175K @ 6.5%, VA, no points (Annapolis, MD area). Should I shop around considering that the funds rate was lowered today? My mortgage broker said that the reduction has already been factored into the rate quote that I got, but since I've been rate-locked for over a week now, I'm not sure I buy that. I'm wondering if she is just telling me that to keep me from shopping around.
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