The Fed Cuts Rates, But Where Does That Leave Mortgage Rates?
The Federal Reserve has been all over the news the past few weeks as further fall out from the housing market continues to erode the credit markets. The stock market has seen dramatic rises and falls with companies facing bankruptcy due to restricted lending conditions in the secondary market. The Fed took a bold step in trying to address concerns regarding liquidity on Tuesday when they lowered the Fed Funds rate from 3% to 2.25%. The move to reduce the Fed Funds rate by .75% was favorably received by wall street, which saw the stock market jump by over 400 pts in trading. The impact of the Fed Funds rate reduction on the mortgage market will take more time to determine. ...
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