The Fed’s Interest Rate Cut Doesn’t Mean Mortgage Rates Will Fall
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feds, Mortgage Interest Rates, rate cut March 21st, 2008Typically, when the Federal Open Market Committee cuts interest rates, like it did earlier in the week, the rate consumers pay for a mortgage loan falls. But unfortunately for borrowers, these are atypical times.
One only has to open a newspaper or turn on a TV to hear about the malaise in the housing market, with record numbers of consumers facing foreclosure. With concerns over the credit worthiness of would-be borrowers and banks sitting on a boatload of bad loans, consumers looking to refinance or get a new mortgage are suffering.
Tags: feds, Mortgage Interest Rates, rate cut
