December 17, 2008
December 17, 2008 by admin
The housing industry will see a large benefit from the moves made by the FOMC to address the economy and real estate markets. The Fed moved agressively in lowering the Fed funds rate down to .25% on Tuesday. This move will help home owners with equity loans and the stock market jumped following the news. The housing industry got some great news as well as the Fed promised to continue to agressively target the housing market and credit markets. Their promise to continue to work towards improving the credit markets and trying to improve liquidity for mortgage rates has helped to produce another sharp decline with interest rates as mortgage rates are now hovering below five percent for the first time in histroy. These historically low mortgage rates may not last very long and could be a great method for home owners who are looking to refinance and free up cash flow ahead of the economic recession that could last well into 2009 to help improve their household budgets.