Fed Funds Rate cut 0.25% to 2.00%. April 30, 2008
The FOMC cut the Funds Rate another 0.25% to 2.00% based on an 8-2 vote. Remember, this does not mean that the 30 year fixed rate is now 0.25% lower. This does mean that if you have a HELOC that is attached to Prime (and it’s not fixed), your rate will go down 0.25%. Prime will [...]
I am a Mortgage Dispenser September 26, 2007
Over the past month, I’ve been combing through my database of my closed clients who have either adjustable rate or balloon mortgages. I’m sending each and every one of them a letter reminding them of the terms of their mortgage. Regardless of how much time I spend explaining how their mortgage program functions, as soon [...]
Ba-Ba-Ba-Benny and the Fed September 18, 2007
Aw come on and sing along with me (Benny and the Jets). Ben just surprised many by dropping both the Fed Funds and the Discount Rate by 0.50%. It’s too soon to tell how this may impact mortgage interest rates…however it (the Fed Funds rate) directly drops the rate home equity loans are based on to [...]
