Waiting on the Fed’s Decision

Rhonda Porter on 09 16, 2008

I’m preparing this post so I’ll be ready to publish as soon as I hear what movement, if any, the FOMC will take to rates.  I really can’t guess if they’ll leave the Funds rate unchanged or cut.  This morning, the Fed Funds Futures had a 100% change for a 0.25% cut and a 50% changes for a 0.50%.   Although  reducing the Fed Funds rate is great for home owners with HELOCs, it could mean higher mortgage interest rates for the rest of us.

And the decision is….(to be continued)…

Update September 15, 2008 11:15 am:  NO CHANGE!  In a unanimous decision, the Fed Funds rate remains at 2.0%.  You can read the entire press release by clicking here.

About the Author: Rhonda Porter

Rhonda Porter began her mortgage career on April 1, 2000 at Mortgage Master Service Corporation, a family-owned correspondent lender that has been lending in the Pacific Northwest for over 30 years. Prior to mortgage, she was in title industry for 14 years where she managed an escrow branch and gained an invaluable insight to the real estate industry. Rhonda Porter has a CMPS designation and is a Licensed Loan Originator 510-LO-32047. Rhonda is also the Chairperson for the Social Media Committee for WAMP (Washington Association of Mortgage Professionals). She was recognized in Seattle Weekly's Best of 2009 issue as the Best Twitting Mortgage Broker (check at her Twitter @mortgageporter) and Sellsius 2007 Top 12 Women Real Estate Bloggers and 2007-2008 Maginficent 7 Consumer Articles. Rhonda originates mortgages for homes located in Washington State. You can reach Rhonda at rhonda@mortgageporter.com or by calling (206) 718-9488. NOTE: Rhonda Porter and Mortgage Master Service Corporation are not affiliated with any real estate brokerages.

One Response to “Waiting on the Fed’s Decision”

  1. Rhonda Porter
    September 16, 2008 at 1:41 pm

    mortgage rates have lost a lot of ground today. The same quote that I provided this morning is now 0.50% higher in fee. Argh. :(

    Reply
    #325217

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