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September 18, 2007

Federal Reserve Lowers Interest Rates 50 Basis Points to 4 3/4%

Federal_reserve_logo_2 Hooray!

The Federal Reserve has dropped the federal funds rate by 50 basis points to 4 3/4%. This is the first cut in this rate since June of 2003.

A drop in this rate does not correlate directly with mortgage rates, but it should lower them some.

When interest rates drop, it is like every home on the market just became more affordable. When interest rates rise it has the opposite effect.

Hopefully this will have a positive effect on prices and sales in the area. It certainly cannot hurt.


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