With the FED poised to cut the "Fed funds rate" today by a quarter to a half point what does that mean for your interest rate? Historically as a Mortgage Broker my phone will start ringing around 2:30pm after the 2:00pm announcement with clients asking to refinance their current mortgage stating, "Rates went down by a half of a percent today". This is true to a degree, however, it is untrue that consumer rates went down by the half or quarter spread across the airwaves today.
History of the past two FED rate cuts shows....
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