In a nearly unprecedented move the Federal Reserve early Tuesday cut the Federal discount rate by .75 of a point, the largest single rate cut in 20 years.
The move did not come at one of the Fed’s regularly scheduled meetings but rather overnight in response to some truly dreadful news from foreign stock exchanges over the last two days. Foreign markets followed Monday’s steep declines by losing as much as nine percent of the value of some Asian exchanges although those in Europe were near positive territory by the close. There was speculation early this morning that overnight numbers indicated the U.S. market might open down as much as 575 points.
At the opening bell the Dow was down by the mid-300s but within minutes had fallen to -450.
What does this all mean for you? Well last time mortgage interest rates where this low was almost 3 years ago! So if you currently have adjustable rate mortgage, what are you doing? Call our offices let’s get you into a lower fixed rate, fast!
If you have a Home Equity Line of Credit, your payments will come down soon due to rate cuts. However, if your interest rates are still anything above 6%, call our offices let us help (909)307-0977.
Now is not the time to sit and wait!
Call us at (909)307-0977
Your friends,
Carlos Samaniego
Redlands Family Financial Services
P.S. This is Victor Romero, Elizabeth and Carlos Samaniego
of the New "Redlands Family Financial Services
