Team Fed slashed the its key lending rate(Fed Funds Rate).75% today. Bringing the prime rate down to 5.25% the lowest it has been since December of 2004. You might have been on the fence waiting for this well publicised rate cut before you pulled the trigger on refinancing, only to find out tonight when call your Loan Officer that mortgage rates actually got worse today. Hopefully that Loan Officer can explain to you why this keeps happening time and time again after the Fed cuts rates. If your loan officer does not have the right answer you may want to look into finding a Mortgage Specialist who understands what moves the mortgage rate markets and how preparation can save you thousands of dollars. Click play on "Fed Rate Cuts Do Not Equal Lower Mortgage Rates" in the side bar to the right or below this text.
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