Federal Reserve Lowers Rate

The Federal Reserve cut its benchmark interest rate by a half a percentage point today. It also reduced the discount rate - what it charges banks for short term loans - by the same amount. The Fed had not lowered the fed funds rate since 2003. This may be good news for the housing market although 30 year mortgage rates move more in tandem with the 10 year bond rate. Many major banks followed suit quickly and lowered the prime lending rate to 7.75%. Call for todays rates. 414-527-7800 x 108