Rate Update October 8, 2008
The Fed announced this morning that they, in conjunction with 5 other central banks, were cutting short-term interest rates by .50%. This takes the Federal Funds rate down to 1.50%. The prime index is now expected to dip to 4.50%.
Ordinarily mortgage rates don’t always benefit from a fed rate cut. However, watch today’s you tube video to understand why this might be different.
Current outlook: floating