The Fed's cut to "zero to 0.25 percent" cost of money and non-response in the mortgage markets combined to produce consternation among a refinance-hungry public. Excepting a frantic hour at no-fee 4.75 percent on Wednesday morning, mortgage rates remain as they have been for 10 days, roughly 5 percent with an inescapable origination fee. And that deal is available only for the best FICOs and loan-to-values. These rates are not going lower any time soon, not on a sustained basis, not without extraordinary intervention by the "Obamanauts." Miracles are rare. The average client simply does not believe the paragraphs above. If I were not a lifer in the mortgage trade, I wouldn't believe them either. In the last month, irresponsible media reports, wishful expectati...
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