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In Belmont real estate, not all square footage is created equal.
Many homeowners have heard the term “FAT” mentioned in conversations about hillside development, additions, or vacant land — but few fully understand what it means or how it can affect property value and future building potential.
In Belmont, “FAT” stands for Floor Area Transfer — a unique zoning tool primarily associated with certain Hillside Residential and Open Space zoning districts, commonly referred to as HRO zones. The program was designed to help balance hillside preservation with reasonable residential development opportunities. Try this link to see Belmont’s interactive zoning map.
For some property owners, FAT can create valuable development opportunities. For others, it may permanently limit future expansion rights. Understanding how it works is important whether you are remodeling, purchasing vacant land, or simply evaluating your home’s long-term potential.
In simple terms, Belmont’s FAT program allows allowable building square footage to be transferred from one property to another under certain conditions.
Some hillside lots in Belmont are steep, difficult to access, environmentally sensitive, or otherwise poorly suited for development. Other nearby lots may be more practical building sites.
The FAT system was created to preserve open space and hillside character, reduce excessive grading and environmental impact, concentrate development in more suitable areas, and provide flexibility for certain homeowners.
Floor Area Transfers are most commonly associated with Belmont’s Hillside Residential and Open Space zoning districts, particularly HRO-2 areas in locations such as portions of the San Juan Canyon and Western Hills neighborhoods. Here’s a link to Belmont’s interactive zoning map,
These areas often involve steep slopes, geological considerations, limited road access, tree preservation requirements, environmental review, and complex grading constraints.
For certain properties, FAT can create meaningful value.
A homeowner who wishes to expand beyond the normally permitted floor area may potentially obtain additional square footage through a transfer arrangement, subject to City approval and zoning requirements.
Potential benefits may include larger homes in areas with restrictive base limits, greater flexibility for additions or remodels, improved long-term resale appeal, and enhanced usability of otherwise constrained parcels.
One common source of confusion involves vacant hillside parcels advertised online at prices far below typical Belmont land values.
Buyers sometimes assume these lots are bargains when, in reality, many come with substantial development limitations. Some may require additional Floor Area Transfers, extensive engineering, or may already have transferred away their development rights.
Because FAT regulations can involve zoning interpretation, planning approvals, recorded easements, geological review, and design review requirements, homeowners should consult directly with the City of Belmont Planning Department and qualified professionals before making assumptions about development potential.
In Belmont Hillside development, details matter.
Belmont’s FAT program reflects the broader balancing act that defines much of Peninsula real estate: how cities preserve neighborhood character and environmental sensitivity while still allowing homeowners reasonable flexibility and property rights.
Whether one agrees with every aspect of the system or not, Belmont’s approach has helped preserve significant portions of the city’s hillside character while allowing selective development opportunities in appropriate locations.
Real estate value is not determined by square footage alone.
In Belmont, zoning, usability, topography, and development potential can dramatically affect a property’s long-term value and possibilities.
At MorganHomes, we believe informed homeowners make better long-term real estate decisions.
And in a city as nuanced as Belmont, local knowledge matters.
Thank for reading along.
Drew and Christine Morgan are experienced REALTORS and NOTARY PUBLIC located in Belmont, CA, where they own and operate MORGANHOMES, Inc. They have assisted buyers and sellers in their community for over 30 years. Drew and Christine have received the coveted Diamond award, ranking among the top 50 agents nationwide and the top 3 in Northern California by RE/MAX. To contact them, please call (650) 508.1441 or emailinfo@morganhomes.com.
For all you need to know about Belmont, subscribe to this blog right here. You can also follow us on Facebook and on X.
This article provides educational information and is intended for informational purposes only. It should not be considered real estate, tax, insurance, or legal advice; it cannot replace advice tailored to your situation. It’s always best to seek guidance from a professional familiar with your scenario.
BROKER | MANAGER | NOTARY
Every so often, the calendar gives us a little extra magic—and May 2026 delivers exactly that.
This month brings a rare double feature in the night sky:
Two full moons. One month. And a subtle reminder that timing—whether in nature or real estate—can change everything.
🌸 The Flower Moon: Spring at Its Peak
The Flower Moon marks the moment when spring is fully in bloom. Named for the explosion of wildflowers across North America, it’s long been associated with growth, renewal, and momentum.
Sound familiar?
In the Peninsula housing market, this is often when we see:
🔵 The Blue Moon: A Rare Second Chance
Then comes the encore.
A Blue Moon—defined as the second full moon in a calendar month—lands on May 31st. It’s where the phrase “once in a blue moon” comes from… something a little unexpected, a little rare.
And in real estate terms, it mirrors something we see all the time:
A Local Perspective
Here on the Mid-Peninsula, these moons won’t just be symbolic—they’ll be visible reminders.
Catch them rising over the Bay, glowing just above the hills of Belmont and San Carlos, and you’ll see something we’re always talking about with our clients:
The right moment isn’t always the first moment. But when it arrives—you’ll know.
Final Thoughts
Two full moons in one month are rare. So are perfectly timed opportunities.
Whether you’re watching the skies… or watching the market…
May is a month to pay attention. If you’ve been thinking about making a move, we’re always here to help you recognize when your “blue moon” moment shows up.
Helping you make good decisions—when it matters most.
Drew and Christine Morgan are experienced REALTORS and NOTARY PUBLIC located in Belmont, CA, where they own and operate MORGANHOMES, Inc. They have assisted buyers and sellers in their community for over 30 years. Drew and Christine have received the coveted Diamond award, ranking among the top 50 agents nationwide and the top 3 in Northern California by RE/MAX. To contact them, please call (650) 508.1441 or emailinfo@morganhomes.com
For all you need to know about Belmont, subscribe to this blog right here. You can also follow us on Facebook and on X.
This article provides educational information and is intended for informational purposes only. It should not be considered real estate, tax, insurance, or legal advice; it cannot replace advice tailored to your situation. It’s always best to seek guidance from a professional familiar with your scenario.
BROKER | MANAGER | NOTARY
5 Bedrooms | 3 Baths | 3,148 ft² | 7,000 ft² lot | $3,200,000
Perched above the Peninsula, this is not a home that whispers—it unfolds. Light, air, and horizon become part of the architecture, with sweeping views from the San Francisco Bay to Mt. Diablo, shifting from crisp morning clarity to a warm evening glow.
An inviting front patio entry creates a sense of arrival before the home reveals itself in a series of thoughtfully designed spaces. A gracious reception room offers a moment to pause, then opens to a grand living room where walls of glass frame cinematic views and draw the outdoors in.
The multi-level perimeter decking doesn’t simply wrap the home—it enhances the living experience. Each vantage point extenuates with views that evolve throughout the day, offering distinct settings for morning coffee, afternoon gatherings, and evenings under an open sky. A level rear yard with mature rose bushes offers a softer, more relaxed outdoor retreat.
Five generously proportioned bedrooms and three updated full baths, two private ensuites—one on the main level—provides flexibility for guests, extended living, or changing needs. The galley-style kitchen and dining area balance efficiency with warmth and features a KitchenAid® five-burner glass cooktop, Broan® Rangemaster stainless hood, GE® TrueTemp self-cleaning oven, LG® dishwasher, and GE®stainless French door refrigerator—all designed for reliable everyday performance.
Interior features include recessed lighting and real wood parquet flooring, adding texture and continuity. Additional amenities include a distinctive slate-style roof, a two-car attached garage and included washer/dryer. ADU potential on the lower level.
Moments from downtown San Carlos and Belmont, the location offers easy access to a vibrant mix of dining, shopping, commute routes and daily conveniences. With approximately 3,148 sq. ft. of living space on a 7,000 sq. ft. lot, it is also within the boundaries of Carlmont High, a California Distinguished School.
This home balances presence with practicality.
We wanted to share a more refined, data-driven look at how recent global events—specifically the late-February escalation in Iran—are influencing our local Belmont real estate market.
Rather than focusing on when homes closed, we analyzed when buyers actually made their offers. This gives us a much clearer view of real-time buyer behavior.
What the Data Shows
Using March 1, 2026 as the dividing line:
What This Means
At least in the immediate aftermath, buyers did not pull back.
In fact, we saw:
This is a pattern we often see in the Peninsula—when uncertainty increases, serious buyers tend to act decisively rather than wait.
A More Nuanced Shift Beneath the Surface
While averages increased, the results are becoming more spread out:
This widening range is often the first signal of a market beginning to differentiate more sharply between homes.
Our Initial Take
Momentum remains strong for now, and desirable homes are still commanding premium prices.
However, this type of environment often marks the early stages of a shift toward:
We’ll continue to monitor this closely, as the next few weeks will be especially telling in terms of whether this trend holds or begins to soften.
👉 If you’re thinking about selling—or simply want to understand where your home stands in today’s evolving market—we’re happy to provide a personalized, data-driven evaluation.
Drew and Christine Morgan are experienced REALTORS and NOTARY PUBLIC located in Belmont, CA, where they own and operate MORGANHOMES, Inc. They have assisted buyers and sellers in their community for over 30 years. Drew and Christine have received the coveted Diamond award, ranking among the top 50 agents nationwide and the top 3 in Northern California by RE/MAX. To contact them, please call (650) 508.1441 or emailinfo@morganhomes.com.
For all you need to know about Belmont, subscribe to this blog right here. You can also follow us on Facebook and on X.
This article provides educational information and is intended for informational purposes only. It should not be considered real estate, tax, insurance, or legal advice; it cannot replace advice tailored to your situation. It’s always best to seek guidance from a professional familiar with your scenario.
BROKER | MANAGER | NOTARY
As we move into the second quarter of 2026, we’ve been getting a lot of the same question:
The honest answer is—no one can predict it with certainty. But we can look at patterns, buyer behavior, and what we’re seeing on the ground to get a pretty good sense of where things are headed.
There’s a lot going on right now that’s influencing how people feel about making big decisions:
Any one of these on its own doesn’t change the market much.
But when they all show up at once, people tend to take a step back.
In times like this, most buyers don’t panic—they pause.
Instead of rushing in, they take more of a “wait and see” approach:
In other words, the most aggressive buyers start to step back first.
So what does that look like in real life?
You’ll likely see fewer bidding wars.
Instead of 10–15 offers, it may be more like:
At the same time, buyers become more selective.
Homes that are:
…are still going to do well.
Homes with trade-offs—or pricing that feels a little too aggressive—may take longer to sell.
And overall, price growth tends to slow.
Not necessarily decline dramatically—but level off or adjust modestly.
There’s also another dynamic worth mentioning.
In uncertain times, some buyers actually lean into real estate.
They’re looking for:
But even these buyers tend to be more thoughtful.
They’re not the ones overpaying—they’re looking for value.
The Bay Area has always had some built-in support:
That doesn’t make it immune to change—but it does tend to prevent more dramatic swings.
If current trends continue, the most likely scenario is a more balanced, selective market.
The margin for error just gets smaller.
For sellers, this doesn’t eliminate opportunity—it just changes the approach.
The homes that are performing best right now are the ones that:
Where we’re seeing challenges is when homes:
That’s where momentum can get lost.
The housing market isn’t disappearing—it’s becoming more disciplined.
And in markets like this, the difference between an average result and a strong one usually comes down to:
strategy, positioning, and timing.
Frequently Asked Questions
Why are homes getting fewer offers?
Is the Bay Area housing market slowing down in 2026?
Are home prices expected to drop?
Is now a good time to sell in Belmont?
Drew and Christine Morgan are experienced REALTORS and NOTARY PUBLIC located in Belmont, CA, where they own and operate MORGANHOMES, Inc. They have assisted buyers and sellers in their community for over 30 years. Drew and Christine have received the coveted Diamond award, ranking among the top 50 agents nationwide and the top 3 in Northern California by RE/MAX. To contact them, please call (650) 508.1441 or emailinfo@morganhomes.com.
For all you need to know about Belmont, subscribe to this blog right here. You can also follow us on Facebook and on X.
This article provides educational information and is intended for informational purposes only. It should not be considered real estate, tax, insurance, or legal advice; it cannot replace advice tailored to your situation. It’s always best to seek guidance from a professional familiar with your scenario.
BROKER OWNER | MANAGER | NOTARY
Recently, we were contacted by two families who had inherited their parents’ homes after the passing of the surviving parent. Unfortunately, in both situations, they had not spoken with a real estate professional beforehand, and it appears their attorney may not have been fully up to date on the newer rules.
Both families intended to move into the homes they inherited. However, because certain steps required under California’s Proposition 19 were not completed in time, the properties were reassessed to the current market value for property tax purposes.
As a result, these families—who otherwise would have been able to move into their parents’ homes and retain a much lower tax base—are now facing significantly higher property taxes. In some cases, increases like this can be financially overwhelming, leaving heirs with the difficult choice of either paying the new, higher property tax or selling the property despite wishing to reside in the home.
We felt this was important enough to bring to people’s attention, as these rules can have a major impact on families inheriting property in California. Understanding the requirements ahead of time can help prevent costly surprises and ensure that the available benefits are preserved.
How Proposition 19 Affects Children Inheriting Their Parents’ Property
California’s Proposition 19 significantly changed how property taxes are handled when children inherit real estate from their parents.
For decades under Proposition 58, children could inherit property and keep the parent’s low property tax base—even if the home became a rental or second home. Proposition 19 narrowed those rules considerably.
If a child inherits a parent’s home, the property tax base can only be preserved if three conditions are met:
1. The home must become the child’s primary residence.
The child must move into the property and claim the Homeowners’ Exemption. If the home is kept as a rental, second home, or investment property, it will generally be reassessed to current market value.
2. The tax base transfer now has a limit.
The inherited property can keep the parent’s tax base only up to $1,000,000 above the parent’s assessed value. If the home’s market value exceeds that threshold, the amount above the limit is added to the property’s taxable value.
3. The claim must be filed within one year.
The heir must file the parent-child exclusion claim with the county assessor within one year of the transfer (usually the date of death). If this deadline is missed, the property may be reassessed to the current market value, which can significantly increase the property taxes.
➡︎ This is where many people make costly mistakes. Some heirs never file the claim at all, others miss the one-year deadline, and many confuse it with the two-year window that applies when homeowners transfer their own tax base to a replacement home (see that rule below), under Proposition 19. Understanding the difference is critical to preserving the lower property tax base.
Why This Matters
Many California homeowners purchased their homes decades ago, meaning their taxable value may be far below current market prices. Under Proposition 19, heirs must now decide whether to move into the property, sell it, or accept a potentially large increase in property taxes.
For families planning estates—or for heirs inheriting property—understanding these rules is critical to avoiding unexpected tax consequences.
✓ Carrying Your Property Tax Base to a New Home [Here’s an online calculator]
Another important provision of Proposition 19 allows certain homeowners to transfer their existing property tax base to a new home when they sell their current one.
Homeowners who are 55 or older, severely disabled, or victims of a natural disaster may transfer the taxable value of their current residence to a replacement home anywhere in California. This can significantly reduce property taxes when downsizing or relocating.
To qualify, the replacement home must be purchased or newly constructed within two years of selling the original property.
After purchasing the replacement property, the homeowner should file the Base Year Value Transfer Claim with the county assessor. While the claim can typically be filed up to three years after purchasing the replacement home, filing sooner ensures the tax benefit is applied from the beginning of ownership.
Understanding these timing rules can help homeowners preserve substantial property tax savings when moving to a new home.
Proposition 19 has introduced rules that many families are still learning about—often after the fact. As we’ve seen recently, missing a deadline or not understanding the requirements can lead to property tax increases that could have been avoided with a little planning.
If you or someone in your family may be inheriting a property, or if you are considering selling and transferring your tax base to another home, taking a few minutes to understand the rules ahead of time can make a meaningful difference. If we can ever be a resource to help clarify how these changes may affect you, we are always happy to help.
Other Articles:
About the Authors
Drew and Christine Morgan are the founders of MorganHomes, their independent brokerage based in Belmont. They also maintain a strategic affiliation with RE/MAX GOLD, combining the flexibility of an independent firm with the resources of one of the largest real estate networks.
As longtime Belmont residents and real estate professionals with more than 30 years of experience, they have helped generations of local families buy, sell, and make smart real estate decisions. Drew is also a Notary Public, providing additional convenience and support for clients when it matters most.
Their consistent performance has earned them RE/MAX’s prestigious Diamond Award, placing them among the top agents nationwide and among the top performers in Northern California.
If you have questions about the Belmont market or would like to discuss your situation, you can reach them at (650) 508-1441 or info@morganhomes.com.
For ongoing insights about Belmont real estate, local market trends, and community updates, you can subscribe to this blog or follow MorganHomes on Facebook and X.
Disclaimer
This article is provided for educational and informational purposes only. It is not intended as real estate, legal, tax, or insurance advice. Because every situation is unique, we recommend consulting with a qualified professional, like us, to understand your specific circumstances.
Belmont Housing Market: A Little More Choice — But Still Moving Fast
We’re about two-thirds of the way through the first quarter of 2026, and the early read on the Belmont housing market is coming into focus.
Inventory has opened up modestly. So far this year, 39 homes have come to market, compared with 34 during the same period last year — about a 15% increase. Currently, there are 31 properties in the pipeline, including 19 active listings available to buyers and another 10 “coming soon” homes preparing to enter the market. Eight properties are already pending.
At first glance, the increase in listings appears to be good news for buyers. And to a degree, it is — there are slightly more choices than there were a year ago.
But the market’s pace tells a more important story.
Homes that are going pending are averaging just nine days on the market. That’s a clear signal that new inventory is being absorbed quickly. In fact, the buyers we’ve represented this year have still found themselves in highly competitive situations. On the last two homes we pursued, each drew roughly 15 offers.
That combination — more listings, but very fast absorption — suggests that demand remains strong and pricing pressure is holding firm. If the market were softening, we would expect to see homes sitting on the market longer, more price reductions, and fewer competing offers. So far, none of those conditions are showing up in the data.
It’s still early, and there haven’t been enough closed sales yet to draw firm conclusions about pricing trends for 2026. But the early indicators point to a market that remains still seller-leaning, with motivated buyers acting quickly when well-prepared homes come to market.
The takeaway: Belmont buyers may have a few more options this year — but the window to act is still short, and competition hasn’t gone away.
What this means for you depends on your timing and your strategy.
If you’re thinking about buying or selling in Belmont this year, the early trends suggest preparation and positioning matter more than ever. Sellers need to price and present their homes correctly to capture today’s fast-moving demand, and buyers need a clear plan to compete when the right property appears. If you’d like a quick, no-pressure review of your home’s current value, or a strategy session to understand your options in today’s market, feel free to reach out. We’re always happy to share what we’re seeing locally and help you make informed decisions about your next move.
About the Authors
Drew and Christine Morgan are the founders of MorganHomes, their independent brokerage based in Belmont. They also maintain a strategic affiliation with RE/MAX GOLD, combining the flexibility of an independent firm with the resources of one of the largest real estate networks.
As longtime Belmont residents and real estate professionals with more than 30 years of experience, they have helped generations of local families buy, sell, and make smart real estate decisions. Drew is also a Notary Public, providing additional convenience and support for clients when it matters most.
Their consistent performance has earned them RE/MAX’s prestigious Diamond Award, placing them among the top agents nationwide and among the top performers in Northern California.
If you have questions about the Belmont market or would like to discuss your situation, you can reach them at (650) 508-1441 or info@morganhomes.com.
For ongoing insights about Belmont real estate, local market trends, and community updates, you can subscribe to this blog or follow MorganHomes on Facebook and X.
Disclaimer
This article is provided for educational and informational purposes only. It is not intended as real estate, legal, tax, or insurance advice. Because every situation is unique, we recommend consulting with a qualified professional, like us, to understand your specific circumstances.
MorganHomes
Broker | REALTORS | Notary
DRE#01124318 | 01174047
The Hidden Opportunity: Why Some Belmont Sellers Are Winning Right Now
You may have heard that higher interest rates have “slowed the market.” But here in Belmont, the story on the ground looks very different.
Just last week, a home on Francis Court — where we were writing an offer for our buyers — received 27 offers. That’s not a slowdown. That’s serious demand.
What’s Really Driving the Market?
The biggest factor today isn’t interest rates — it’s low inventory.
Many homeowners are staying put because they have low mortgage rates or aren’t sure where they’d move next. The result? Fewer homes for sale. And when a well-prepared home in a good Belmont location hits the market, buyers don’t have many options — so competition can be intense.
Today’s Buyers Are Serious
Buyers right now are:
When the right home comes along, they act quickly — and often aggressively.
But here’s the key:
Not every home gets multiple offers.
The homes that win typically have:
In today’s market, strategy matters more than ever.
The Hidden Opportunity for Sellers
Because inventory is so limited, prepared sellers currently have:
The Francis Court property is a perfect example of what happens when strong demand meets limited supply.
Should You Wait for Rates to Drop?
Many homeowners ask this question.
The reality is: when rates fall, more buyers will enter the market — but so will more sellers.
That means more competition.
Right now, the environment is unusual:
Strong demand with limited competition.
Belmont Is a Local Market
Home values here depend on the details — street location, lot usability, expansion potential, commute access, and neighborhood feel. Understanding how buyers see these factors often makes the difference between a good result and a great one.
Curious What Your Home Might Do Today?
The headlines may sound uncertain, but locally, well-positioned homes are still performing very well.
If you’re wondering what your home might sell for — or whether this market makes sense for you — we’re always happy to provide a local, no-pressure analysis.
Because in today’s Belmont market, success comes from preparation and strategy — not timing the headlines.
Enjoy the day!
Drew and Christine Morgan are experienced REALTORS and NOTARY PUBLIC located in Belmont, CA, where they own and operate MORGANHOMES, Inc. They have assisted buyers and sellers in their community for over 30 years. Drew and Christine have received the coveted Diamond award, ranking among the top 50 agents nationwide and the top 3 in Northern California by RE/MAX. To contact them, please call (650) 508.1441 or emailinfo@morganhomes.com.
For all you need to know about Belmont, subscribe to this blog right here. You can also follow us on Facebook and on X.
This article provides educational information and is intended for informational purposes only. It should not be considered real estate, tax, insurance, or legal advice; it cannot replace advice tailored to your situation. It’s always best to seek guidance from a professional familiar with your scenario.
BROKER | MANAGER | NOTARY
How Strong Is the Market? A Local Look at Belmont, San Carlos & San Mateo County
Belmont– Local Market
Policy Watch: Capital Gains, Mortgage Rates, and Housing Momentum
Donald Trump has expressed support for eliminating the federal capital gains tax on the sale of primary residences, calling it a potential incentive that could help homeowners access equity and increase housing market turnover. His comments followed the introduction of legislation by Marjorie Taylor Greene, titled the No Tax on Home Sales Act, which would remove the tax entirely for owner-occupied homes…
Two Powerful Marketing Strategies-which one is right for your home?
Off-Market vs. MLS Listings: What’s Better for Bay Area Sellers?
In the competitive Bay Area real estate market, the way you bring your home to market can make all the difference—not just in how quickly it sells, but in how much it sells for. One of the most common questions we hear from sellers is:
“Should I list my home on the MLS or explore an off-market strategy?”
California’s AI Windfall Is Becoming Hard To Live Without—That Could Spell Trouble for the Housing Market
California’s AI windfall is showing up in two very important places for residents: the housing market and the state’s balance sheet.
As AI-fueled gains have kept money flowing through the tech sector, they’ve propped up high-end home demand in tech centers like San Francisco while helping Sacramento plug a nearly $18 billion budget deficit.
How Strong Is the Market? A Local Look at Belmont, San Carlos & San Mateo County
Belmont– Local Market
Policy Watch: Capital Gains, Mortgage Rates, and Housing Momentum
Donald Trump has expressed support for eliminating the federal capital gains tax on the sale of primary residences, calling it a potential incentive that could help homeowners access equity and increase housing market turnover. His comments followed the introduction of legislation by Marjorie Taylor Greene, titled the No Tax on Home Sales Act, which would remove the tax entirely for owner-occupied homes…
Two Powerful Marketing Strategies-which one is right for your home?
Off-Market vs. MLS Listings: What’s Better for Bay Area Sellers?
In the competitive Bay Area real estate market, the way you bring your home to market can make all the difference—not just in how quickly it sells, but in how much it sells for. One of the most common questions we hear from sellers is:
“Should I list my home on the MLS or explore an off-market strategy?”
California’s AI Windfall Is Becoming Hard To Live Without—That Could Spell Trouble for the Housing Market
California’s AI windfall is showing up in two very important places for residents: the housing market and the state’s balance sheet.
As AI-fueled gains have kept money flowing through the tech sector, they’ve propped up high-end home demand in tech centers like San Francisco while helping Sacramento plug a nearly $18 billion budget deficit.
That dependence raises a hard question for the Golden State: What happens if the AI boom cools or, as some fear, the bubble pops? With AI gains now supporting so many pillars of the state’s economy, a downturn could rip through the state like a house of cards, given how vulnerable California is.
President Donald Trump has instructed Fannie Mae and Freddie Mac to launch a massive buying spree of mortgage-backed securities to push mortgage rates lower…
