So The Fed Made A Cut, So What?
What is the result to the mortgage consumer, really, because the Federal Reserve Board cut the federal funds rate -.75%.
We had a mimi cut in mortgage rates that lasted it seems only hours.
The big benefit is how the banks reacted in the Prime Lending Rate; from 7.25% to 6.50%. It’s the largest single drop since 1991 – (from 7.50% to 6.50% on 12/23/91); and, the lowest the Prime Rate has been
since 09/19/05!!!
This does affect some ARMS and most of your seconds and lines of credit. New or existing of these should go down proportionatly on the next adjustment. You credit card rates may go down also.
Tags: prime+rate, fed+cut, interest+rate
