The FED drops the Funds Rate to 1.00%

The FOMC, during a scheduled meeting, elected to reduce the Fed Funds rate by 0.5% from 1.5% to 1.00%. Unless you have a HELOC that is floating (attached to the Prime Rate) this does not directly impact your mortgage interest rates. However, it will influence mortgage rates based on how traders react (50 basis points is what was expected). If you’re a long time reader of Rain City Guide, you’ve all ready heard this song and dance.

FOMC Press Release

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About Rhonda Porter

Rhonda Porter is an NMLS Licensed Mortgage Originator MLO121324 for homes located in Washington state. Her blog, The Mortgage Porter, is nationally recognized for sharing relevant information to consumers about mortgages. She has been originating mortgages since 2000 at Mortgage Master Service Corporation #40445 Consumer NMLS Website: NMLS ID 40445. Equal Housing Opportunity. You can follow Rhonda on @mortgageporter, Facebook and/or Google+

16 thoughts on “The FED drops the Funds Rate to 1.00%

  1. I just provided an updated GFE for a client–his rate is up 0.625% in exactly just one week. He was wanting to make sure his preapproval is still valid. Watch rates come back down to what I posted last Friday–just so it appears that rates aren’t volatile. šŸ™‚

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