Mortgage loans, things to consider

The Federal Reserve recently lowered the federal funds rate to 1 percent, dropping it by half a point. The Fed hopes that the rate cut, which dropped the interest rate to a level not seen since 2004, will strengthen the economy by encouraging consumers to spend, and will restore international confidence in the United States's financial markets. Cutting the federal funds rate was the most recent of several steps the Fed and the Treasury have taken to restore the economy to moderate growth and alleviate the credit crunch. The rate cut followed on the heels of a surprise half point cut that took place only three weeks prior, and was preceded by several other rate cuts that lowered the federal funds rate from its late 2006 and early 2007 high of 5. 25 percent.

05/27/09 11

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