The Fed lowered its federal funds rate, which impacts how much consumers pay on credit card debt, home equity lines of credit and auto loans, from 4.25 percent to 3.5 percent. The Fed also lowered its discount rate, which is what it costs banks to borrow directly from the central bank, by three-quarters of a point, to 4 percent.
Shouldnt change a fixed mortgage rate
Bring back Alan Greenspan-Ben Bernanke is a reaction guy could have helped things long ago.
dumb question but i am looking to buy a house today actually and shoppoing mortgages...how will the fed cutting the rates effect mortgages?
For all of our whining ... you are actually in a really good position. Prospective home buyers are looking at lower interest rates (that were already low) and sagging housing prices. Things are really looking good ... as long as you don't have another home to get rid of ...
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