FED Update

As previously reported the FED cut the Federal Funds rate and the discount rate by .25%. The stock market shot up and back down again upon this and some other financial news. Mortgage rates have not really changed, nor do I expect them to adjust significantly either way. Rates are already very low. Buyer's just lack confidence in the market and are holding steady, taking a wait and see approach. Unless "prime" is adjusted, don't expect and big changes. These changes are all done to help improve liquidity for the large banks/lenders. While this may be a bummer if you were waiting for a big rate drop, don't worry. All steps are good steps toward bringing stability back to the market!

Be sure to check back for any updates.

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