It’s been an exciting week in the bond market. The Fed announced its new target rate to be 0-0.25% and slashed the rate from 1% to 0.50% This cut to rates affects what banks lend banks overnight and any instrument tied the prime interest rate like home equity lines of credit and credit. This is a new historic low for the fed funds rates.
Mortgage interest rates are at an all time low and it is a great time to think about refinancing. If you or someone you know can save several hundred dollars a month and it didn’t cost anything or the costs were justified by the savings wouldn’t you want them to do it? Call me for details.