Jan 2008 22

goodmoney.gifToday, the Fed made a somewhat suprise move and made a .75 rate cut ahead of their scheduled meeting on January 30th. 

So what does this mean?  Well, as a home buyer you won’t see the effects right away.  It sometimes takes a few months before this rate cut lowers your mortgage interest rate.  But, with rates already at two year lows and more rate cuts to come this should at least pump some blood back into the real estate market.

This definitely doesn’t mean that the banks will begin giving out bad loans again.  They have learned from their mistakes.  However, it does mean that if you are a qualified buyer with a good credit score and some cash to put down, you will get a very, very good rate.

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