The fed lowered the Fed Funds Rate yesterday. (the fed actually only manipulates the FFR as i explained before) to 2%. They are getting close to the post 9/11 numbers that we saw and if the mortgage companies ever figure out what loans they want to do rates should come down a lot. We can only hope.
Oh and if any of you have a HELOC that is tied to prime, prime lowered .25% as well. It almost is always 3% over the FFR.
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