Tuesday, January 22, 2008

Fed makes emergency rate cut

Inman news on Fed cut. This rate cut has already helped reduce fixed rate mortgages. Thirty year fixed mortgages were hovering around the 5.5% rate today. This cut will also serve as relief too borrowers with option arms and adjustable rate mortgages as the rates on those mortgages will be lower. It is a great time to refinance adjustable rate mortgages to fixed rates while these interest rates are the lowest they've been in two and a half years.

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