Fed Cuts Key Interest Rate to 1%

The Federal Reserve continues to shave points off the federal funds rate, reducing it by 50 basis points to 1 percent today, the lowest rate in half a century. Analysts characterized the move as another effort to stave off a prolonged downturn in the nation’s economy.

Unfortunately, this does not lower mortgage rates… yet. The real benefiters are those with a Home Equity Line of Credit, (HELOC). They should be seeing some reduced rates in the next couple of weeks.

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