Fed Cuts Rates by 3/4!
In a suprising move between regulary schedule meetings of the Federal Open Market Committee meetings, the Federal Reserve lowered the federal runds rate by 75 basis points to 3-1/2. From the committee’s press release:
”The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent.
The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth. While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets.”
This will hopefully result in more home buyer’s taking the plunge to buy a home as well as releiving some of the pressure on current home owners with adjustable rate mortgages.
- Frank
Frank Ramos, REALTOR, e-PRO
Real Estate Consultant
http://www.northvirginiahomes.com/
http://www.agent-wealth.com/
Keller Williams Fairfax Gateway
12700 Fair Lakes Circle Suite 120
Fairfax, VA 22033