Great news for homebuyers. The Fed cut rates by 1/2%!
"The Fed announced a cut of .50% to the Fed Funds Rate and an additional .50% reduction to the discount rate. In the statement the Fed indicated they are concerned about the recent problems in the credit markets stating "Today’s action is intended to forestall some of the adverse effects on the broader economy that might otherwise arise from the disruption in financial markets". Unlike the last meeting, it appears that the Fed is willing to take action to support the challenged housing market."