Frank Gageby Blog

3:26:41 PM

The Fed has given us a treat for Halloween!

The Federal Reserve has lowered the key Federal Funds Rate by .25% to 4.50%.

The change by the Fed will be followed shortly by a .25% drop in the Prime Rate to 7.50%.  The Prime Rate is the rate charged by banks as the basis for their consumer and business lending.  This means credit products such as Home Equity Loans and some credit cards should see immediate improvement. 

First mortgage products will be slower to react as the market must digest what the Fed move means to the overall economy.  The trend over the last few months has been for lower rates.  Hopefully we continue to see further lowering of rates in the weeks ahead.

Check out our daily rate forecast available on our website or by daily or weekly delivery to your email. 

Have a Happy Halloween!