budget, credit, investment, real estate
How the Fed Cut Affects Current Consumer and Mortgage Loan Rates
Recently, the U.S. Federal Reserve Bank's (the Fed) Federal Open Market Committee announced it would cut interest rates to a historic low, with the basic—or benchmark”—U.S. interest rate now in a range of 0 to 0.25 percent. That's an incredibly low rate, and in response, there are a lot of very eager homeowners (or would-be new homeowners) intensely interested in refinancing their current loan or trying to get a new home loan right now.