For those of us who are waiting for the Federal Reserve to increase interest rates that banks have to pay to borrow money, our waiting has gotten much longer, at least two years longer. Since the Fed’s rate-setting committee decided to hold interest rates at the current record lows until ‘at least through mid-2013’, we […]
What Does it Mean for Mortgage Rates when the Feds Cut the Prime Rate?
Every so often you will hear that the feds are cutting the prime interest rate. When I was a loan officer I would get inundated with phone calls from clients after an announcement like this. Over and over I would have to explain to them how the feds interest rate cut does not directly affect […]