US Federal Reserve Cuts Federal Funds Rate for First Time in Over a Decade
Although the US Federal Reserve voted for the first time in over a decade at their latest meeting to reduce the federal funds rate-- the rate that banks and other financial institutions charge one another for short term borrowing---consumers should not expect home mortgage interest rates to fall any further in the foreseeable future. Because many financial analysts had already been anticipating the Fed's recent 0.25 percent rate cut, the rate cut has already been priced into 30 year home mortgage products, which are currently near historic lows. The rate cut's most important impact may be preventing the economy from weakening and heading into a recession.
Purchasing or refinancing a home in the metro Atlanta area or anywhere else in the state of Georgia? Contact Peachtree Mortgage Services, Inc. at 770.481.0052 or firstname.lastname@example.org to discuss our low home mortgage interest rates.