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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