It may seem counter intuitive, but while the Federal Reserve lowered rates on the federal funds rate (the rate lenders are charged for borrowing money from the government) last week by a half of a percent, the rates on mortgages actually increased slightly.
Due to the weakening dollar, the bond markets have taken a hit and gone down. As a result, interests rates charged to consumers have actually increased. Hopefully we will see a return to normalcy this week.
It had been fours years since the Federal Reserve last reduced this rate.
Mike Hastings, REALTORDawn RealtyGainesville, FLPhone: (352) 538-1092Fax: (352) 240-0330E-mail: mike@mhastings.com
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