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.

Zuccarelli is the senior vice-president of a mortgage banking firm, American Advantage Mortgage Company, as well as the associate vice-president of the NJ Builders Association and a director of the National Association of Homebuilders. In other words, she knows something about houses. And so I contacted her for a quick interview to find out exactly what's in it for homeowners and to see if the rest of us should be as excited as she is:

So when you say today is the day to do it, it's not just today, right? I mean, a homeowner could hold off until tomorrow, right?
One never knows. My take is that we will have a record day for locks, which means we will lock in a lot of individual loans, but because the volume will be so high and staffing for all lenders is an issue, rates will pop up in an effort to to minimize the volume.

OK, so don't wait until tomorrow. Call your lender today. And who is the typical homeowner that this is going to help?
The reality is you still have to be a qualified borrower. In almost every case the lowest middle score for all borrowers must be a minimum of 620. This is true for FHA also. FHA just increased their standards to this new minimum score. The borrower that will be helped is your Mr. and Mrs. Smith who are living paycheck to paycheck, but still pay on time, have a bit of equity in their home and are still employed. It's a great time for your 'average Joe.'

And so what's the mood like in your office today? After all, your first email to me said that this is "the biggest story in the history of mortgage banking."
It's the glimmer of hope this industry and your average Joe needed. [Once I heard the news] I personally emailed every person I know, including yourself, and told them that this is a small window of opportunity for them--and everyone they know. I received the news in the late afternoon yesterday about the Fed and immediately went into overdrive. I remained at the office until well after 8 p.m. and came back in at 7:30 this morning. The phone hasn't stopped since. I have originated more loans in the last 24 hours than I have year-to-date! I called every loan originator in to man the phones and will not leave until everyone that has called is complete... I'm more energized than I've been in years. I love helping people. I don't make a fortune, but I make a living and can lay my head down on the pillow every night knowing I made a difference.