From begrudingly cutting rates 25bps just a few months ago, the Fed has dropped rates 125bps in a week. With the Fed Funds down to 3%, the Fed has reacted aggressively to a slowdown that went from credit, to housing, to the economy as a whole. While this will be helpful to those with equity lines, and looking to refinance, these lower rates will not have the complete desired effect with out a raise in the FHA limits to atleast Frannie and Freddie Mac limits. There has not been a raise in the FHA limits for 2 years, and let's face it - the time has come.
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