(Rob Carson sent this in. He's snowed in at home today.)

The Federal Reserve’s dramatic cuts to lending rates have so far done little to help South Sound consumers, mortgage brokers in the Tacoma area said Thursday.

Home loan costs did not drop significantly with the Fed’s most recent cut on Tuesday, they say, and loans are still only available to those with excellent credit, lots of equity and proof of employment.

“Our phones are definitely ringing,” said Kevin Tinsley, president of All Tech Mortgage in Lakewood, “but we’re not able to help as many people as we could in previous booms.”

Tinsley said his business is up about 50 percent over a month ago, with much of the interest coming from people who took out loans 10 or 12 years ago and are interested in refinancing.

However, he said, those who want to refinance find the guidelines have changed since they took out their loans.

“There are a few more hoops people have to jump through,” he said. “We’re having to run people’s credit before we can even quote them a rate.”

Tinsley said his clients tend to be in upper income levels but, even so, only about 40 percent of them qualify for the lowest rates.

Jack Hansmann, loan officer at Capital Resources in Tacoma, said the Fed’s rate cuts may have made matters even worse.

“They’re doing the exact opposite of what they should do,” Hansmann said.

Lowering rates makes lenders even less willing to loan, he said.

“When rates get too low, there’s no money in it,” he said. “There’s just risk.”

Darcy Hansen, a loan officer at Financial Services Northwest, Inc. in Tacoma, estimated that the number of people calling her office has doubled since last week.

“Lots of people are calling in,” she said. “There’s a lot of interest out there.”

However, rates available to consumers are directly tied to the fed rates, Hansen pointed out, and they remain basically unchanged since last week.
Even so, there is significant interest among consumers, Hansen said.

“Everyone is under the impression they will come down further.”

The Seattle Times reports that Quadrant Homes has stopped building and selling at The Ridge in Gig Harbor.

The 120-lot development off Borgen Boulevard was to hold 1,500-3,100 square-foot homes for $259,000-$342,900, according to the story.

Peter Orser, Quadrant president, told the paper that the decision was "a suspension, not an abandonment" and that the stoppage would be temporary. But he acknowledged that the move was significant and attributed it to the contracting economy.

Have you bought a home in The Ridge? Or had you started the process of buying there? We want to hear from you. E-mail kathleen.cooper@thenewstribune.com with your name and a daytime phone number.

Median home prices in Pierce County dropped again in November, according to figures released Tuesday by the Northwest Multiple Listing Service.

The median price for a single-family home or condo in November was $230,000. That price is about $32,950 below the median for the same time last year - an almost 13 percent drop.

Month-to-month, however, it's a 4.5 percent decline from $241,000 in October.

The median price is the midpoint of all sales. Half of homes went for more and half for less.

Other county data for November from the Northwest MLS:

• Homes listed for sale dropped from 1,505 a year ago to 1,368.

• Closed sales were cut almost in half compared to a year ago, from 784 to 463.

Look for more details on the data in tomorrow's News Tribune.