The Fed's latest move means you need to move on refinancing

This morning, I received a frantic and adrenaline-laced email from a mortgage broker I've interviewed before, someone whose depth of knowledge I respect. And she made it clear: If you've been thinking of getting a loan for a house or refinancing, in order to bring down your monthly mortgage payment, "TODAY IS THE DAY TO DO IT," her email thundered.

My email sender, Kelly Zuccarelli, was, and is, excited because yesterday the Federal Reserve took an historic step to drive mortgage rates lower by announcing that they plan to buy up to $300 billion of long-term government bonds and $750 billion in additional mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac.