As everyone thought, The Federal Reserve Bank cut it's interest rate that it charges banks by a quarter point to 4.5%. REALTOR.com® gave a report on the rate cut today. I think the most significate remarks made yesterday as reported in the AJC article was "the risks to the economy from inflation "roughly balance," or are equal to, the risks of a serious downturn in economic growth. Previously, the risks of a recession were seen as more of a threat to the country's economic health."
What does that mean? It means we probably won't see another reduction this year. For those who are waiting for the interest rates to bottom out before buying or refinancing a house, this may be it. It may take a couple of days or a week before this rate cut drives down mortgage rates, but I believe in the next few days we will see excellent rates for mortagages and loans.
If you call me today, you could be in your new home by the holidays. Let's find your new home and I will even buy your first Christmas tree! Call me at 770-862-8002.
Michael Bradford
Southern Prime Realty
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2 comments:
Hi, aren`t you worried about $ ? It`s so weak that for example crude oil will reach $100 mark soon.
The good thing is that there won`t be any more cut.It may help $.
No, I am absolutly not worried! We have the #2 ranking in the nation for growing business climate, our home sales numbers and picking up and I think we are about to start a steady climb in this area. I am excited to see how we will thrive in this corrected market.
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