“The Federal Reserve took aim at the nation’s wobbly housing market last week with its biggest stimulus action in two years, but that firepower is doing little to lower mortgage rates or make home loans more available for Americans.  Instead, banks are set to see a windfall since the Fed’s actions will immediately lower the cost of issuing loans. It may take months or longer for benefits to trickle down to consumers, analysts say.  Mortgage bankers are recording higher gains from home loans as the gap widens between the interest rate they charge consumers and the rate they must pay investors who finance the loans by buying mortgage securities.”

http://www.washingtonpost.com/business/economy/qe3-may-have-little-impact-on-mortgage-borrowers/2012/09/18/f6ee68f2-0116-11e2-9367-4e1bafb958db_print.html

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