Feds drop Rates .25%

This just in.

The Fed's...  aka Ben Bernanke, FOMC, whatever you want to call them, have dropped the Federal Funds Rate and the Discount Rate a 1/4 of a percent.

This in turn has dropped the Prime Rate 1/4 percent.

Remember, this effects the SHORT TERM Interest Rates

LONG TERM Interest Rates rely on what is going on in the Mortgage Backed Securities.

But you already knew that right?

Here's a link to the Press Release:  FOMC Statement

Don't forget you can get all the latest mortgage industry changes HERE