The Fed dropped the Federal funds rate today by 3/4 of a percent, from 4.25% to 3.5%. That's a huge drop. And there may be further/smaller drops to come.
I know it will take a couple of weeks for the mortgage industry to see the interest rate reductions, but I'm sure hoping that this will "nudge" those people that are sitting out there waiting for the "best" deal on the market. With prices and interest rates adjusting downward, I'm hoping they will get on the phone and get serious.
Kristy Petrillo
Comments(0)