The FED just announced another .250% rate cut at today's meeting
The FED just announced another
.250% rate cut at today's meeting, the third rate cut in three
months. Also, last week the President announced a plan to lock in ARM
adjustments for five years for sub prime loans that would have adjusted to
higher rates. The hope is that this will prevent / postpone foreclosures on
many homes, but there are many limitations on the plan that exclude a great
majority of sub prime borrowers (you can not be currently delinquent, etc..).
We will all have to wait and see how this shakes out and for now it is business
as usual. The good news is that rates are still low!
Call me if you need anything. Happy Holidays!
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