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

The views and opinions expressed in this site are those of the author(s) and do not necessarily reflect the official policy or position of Cherry Creek Mortgage Co., Inc. This is for informational purposes only. This is not a commitment to lend.