Fed Rate Cut...again...

Well there was another rate cut by the Federal Reserve today. The central bank slashed its federal funds rate, the interest that banks charge each other, by a half point to 3%, marking the fifth time rates have been cut since September.

No - the prime mortgage interest rates did not tumble 0.5%, this is an economic booster. The market had been anticipating a quarter percent cut, so we may see some neglible reductions in conventional mortgage interest rates as a result, but nothing substantial...