Mortgage Market On The Fast Pace Again

The Federal Reserve slashed benchmark interest rates by half point in an aggressive move, thus tightening the credit conditions, providing potential to intensify the housing correction and preventing the economy from moving into recession. The decision to cut overnight federal funds rate from 5.25% to 4.75% was unanimous. This is the lowest level since May 2006 and the first time the fed has cut interest rates since June 2003. It was the first ВЅ point cut since November 2002.

Read fulltext