As Predicted, the Fed Makes Another Rate Cut
January 30th, 2008 Categories: Financing, Keller Williams
(Picture Courtesy of CNN Money)
As predicted, the Fed cut interest rates again by 1/2 a point, bringing the rate down to 3%. Combined with the other rate cut this month, that’s a total of 1.25% in January. According to the Washington Post, that’s the steepest rate cut in a single month in 20 years. The Post also says,
“The lower rate is likely to reduce the cost of borrowing money through credit cards or auto loans or to invest in a business, and is likely reduce rates on many adjustable-rate mortgages.”
This should make borrowing money for a new mortgage, and refinancing, easier. That’s the point of these rate cuts - to increase the ease with which new mortgagors can obtain funds to buy your next home!
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