(LA Times) — When the Federal Reserve recently rolled out its plan to pump $600 billion into the credit markets, many homeowners and buyers might have figured that because mortgage interest rates are now likely to fall again, why not postpone the loan application they were contemplating? Fed Chairman Ben S. Bernanke offered implicit support for that scenario when, in a Washington Post op-ed column Nov. 4, he wrote that as a byproduct of the $600-billion infusion “lower mortgage rates will make housing more affordable and allow more homeowners to refinance.”
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