FHA mortgage loans explained at LoanNetwork.com
FED Lowers Discount Rate By 1/2%
September 18, 2007 the Federal Reserve today lowered the FED Discount rate by 1/2%. The overall economy has struggled in the past 3 months and the housing market has taken a sharp downturn as a result of the credit issues in the secondary marketplace. For the first time since 2003 the country experienced negative job growth and the Federal Reserve was forced to act decisively to try to head off an economic recession. Lowering the fed funds rate, which is the rate that banks borrow money from the government from 5.25 to 4.75 will hopefully bring some liquidity into the marketplace as well as help consumers who have equity loans, variable credit cards and adjustable rate mortgages.
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