Posted by John_NorCal on 10/28/08 3:06pm
Msg #268470

Fed expected to lower rate

by 50 basis points to 1%. Last time it was lowered so much was in 2003


http://www.mortgagenewsdaily.com/10282008_fomc_preview.asp

Reply by John/CT on 10/28/08 8:45pm
Msg #268493

A 50 basis-point (0.5%) reduction would drop the prime rate to 4% ... great for new HELOC's (if they are even available), and for those with adjustable-rate loans. Otherwise, won't do much good for new refi's unless there is a trickle down effect on long-term interest rates, and banks start loosening up their cash. We'll see ....

Reply by CF on 10/29/08 7:15am
Msg #268526

When are the Feds going to start to regulate that these saving are passed on to the public? This is just another way for the banks to recoup their losses and charge whatever they want on the front end and make out on the back end of the loan each and every month! Total BS!!!

Reply by Dave_CA on 10/29/08 7:01pm
Msg #268590

"It is widely expected that the Federal Reserve will cut the Fed funds rate by 50 basis points to 1.00% on Wednesday, the lowest level since June 2004. "