The FED cut their prime lending rate just 1%, and there was some impact in the mortgage market … for a few moments. I had conversations with real estate agents in a few different markets who all got the news and did not even have enough time to notify their clients.
Dan Green over at The Mortgage Reports has a reasonable good explanation about how the FED move impacted rates today. From a real estate agents point of view this is a mixed blessing. Yes it makes purchasing a home more affordable to those who are currently looking, however lenders are still being overly cautious about to whom they lend.
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